Gold analysis (07.01.21) "Watch out patiently"
Fellow traders,
No doubt that gold is a super interesting safe-haven asset, especially considering current times. Here is my most recent idea on this metal.
Fundamental analysis:
The uncertainty caused by COVID still prevails all over the world, the vaccine is still not widely available, and long-term protection still not ceratin. Moreover, monetary policy and money injection will cause inflation to kick in. Many people would like to protect themselves from rising prices and in many cases not having wide knowledge about the market will go for well-established gold as a safe-haven asset.
Technical analysis:
In general, we can see a bullish uptrend. However, the chart is forming a flag pattern and broke out and continued going up. Next candles show a small retest of the upper boundary of the flag. An important point is that this all is happening near not only key level but also kind of a psychological level of 1900$. We may expect some kind of consolidation near the key level for some time, which may result in bullish stepping in.
Feel free to comment, give your thoughts. Would appreciate it if you like it! (my first published analysis :) )
Disclaimer!
This post does not provide financial advice. Always do your own analysis. Be aware that only you are responsible for your trades. Trade safe and keep in mind the risk!
No doubt that gold is a super interesting safe-haven asset, especially considering current times. Here is my most recent idea on this metal.
Fundamental analysis:
The uncertainty caused by COVID still prevails all over the world, the vaccine is still not widely available, and long-term protection still not ceratin. Moreover, monetary policy and money injection will cause inflation to kick in. Many people would like to protect themselves from rising prices and in many cases not having wide knowledge about the market will go for well-established gold as a safe-haven asset.
Technical analysis:
In general, we can see a bullish uptrend. However, the chart is forming a flag pattern and broke out and continued going up. Next candles show a small retest of the upper boundary of the flag. An important point is that this all is happening near not only key level but also kind of a psychological level of 1900$. We may expect some kind of consolidation near the key level for some time, which may result in bullish stepping in.
Feel free to comment, give your thoughts. Would appreciate it if you like it! (my first published analysis :) )
Disclaimer!
This post does not provide financial advice. Always do your own analysis. Be aware that only you are responsible for your trades. Trade safe and keep in mind the risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.