Gold Up 0.8% Already This Week!
Gold is starting the week with a strong move to the upside, which may be its next
attempt at the $2000 round number and the all-time high at $2075.
It’s still early in the week, so it's too soon to tell if the bullish momentum will continue,
so we will have to be patient to find out.
Despite this current upwards move, we have to remember that price is in consolidation
and has been since August 2020 when price created the all-time high.
When price consolidates, we expect to see sideways movement and sudden,
unpredictable moves to both the upside and the downside.
We are interested in a confirmation of a breakout, not just an initial breakout. As the
previous trend was bullish, the bias is for a breakout to the upside. The first breakout
will indicate a potential continuation. The second breakout will confirm a trend continuation.
Patience until that happens.
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See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
attempt at the $2000 round number and the all-time high at $2075.
It’s still early in the week, so it's too soon to tell if the bullish momentum will continue,
so we will have to be patient to find out.
Despite this current upwards move, we have to remember that price is in consolidation
and has been since August 2020 when price created the all-time high.
When price consolidates, we expect to see sideways movement and sudden,
unpredictable moves to both the upside and the downside.
We are interested in a confirmation of a breakout, not just an initial breakout. As the
previous trend was bullish, the bias is for a breakout to the upside. The first breakout
will indicate a potential continuation. The second breakout will confirm a trend continuation.
Patience until that happens.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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