Gold may touch the sky very soon.
Gold breaks above the market gap highest after correction. Though weekly candles closed, a substantial bearish pin bar candle market ignores candlestick patterns. And most possibly, gold will test the sky as long as Russia-Ukraine issues exist. And there is no sign that the war will end very soon. So, it would be wise to keep in buy mode as long as a crisis exists.
Initially, I expected gold to test its last week's swing high zone of $1973 price zone. And breaking above $1973 may open the door for above $2000.
Gold's fundamental situation and market sentiment are still positive. So I guess gold still has a chance to test $1973 or go above $2000.
Given the growing demand for gold as a safe haven, given how the United States and its allies are imposing economic sanctions on Russia and are likely to do more, hopefully, the demand for gold will not decrease.
And just as Russia has surrounded Ukraine on three sides, it is only natural that large-scale war could break out at any time. So staying in Gold sell now would not be a sage thing to do.
We should stay in buy mode until each resistance zone breaks out until the next resistance. And if you go to the market swing area, it is better to use small stop-loss and stay in buy mode.
Initially, I expected gold to test its last week's swing high zone of $1973 price zone. And breaking above $1973 may open the door for above $2000.
Gold's fundamental situation and market sentiment are still positive. So I guess gold still has a chance to test $1973 or go above $2000.
Given the growing demand for gold as a safe haven, given how the United States and its allies are imposing economic sanctions on Russia and are likely to do more, hopefully, the demand for gold will not decrease.
And just as Russia has surrounded Ukraine on three sides, it is only natural that large-scale war could break out at any time. So staying in Gold sell now would not be a sage thing to do.
We should stay in buy mode until each resistance zone breaks out until the next resistance. And if you go to the market swing area, it is better to use small stop-loss and stay in buy mode.
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