2024-09-24 - priceactiontds - daily update - gold
Good Evening and I hope you are well.
tl;dr
Gold - Bull channel from my weekly update was not steep enough. 2700 next. Only look for longs. Can’t stop, won’t stop.
comment: Gold broke above my drawn patterns, again. Unreal strength but not unexpected. In my weekly I wrote you should only look for longs. How high can this get? 2700 is almost a given at this point and big round numbers are always decent for a pullback or some stalling. Any long would need a stop 2645 as of now. Can wait for pullbacks to long this. last 10 days has 1 bear bar. Don’t try to be smarter than the market and short it. Although it’s becoming climactic and a pullback is expected, it can go further, so don’t pick tops.
current market cycle: bull trend
key levels: 2645 - 2700
bull case: Bulls in full control. New low would be below 2645 and that’s far away. I look for pullbacks near ema to long it.
Invalidation is below 2540.
bear case: Bears want a pullback but will probably have to wait for 2700 now. Best they currently get is to stall the market and make it go sideways. I expect this around 2700 next. There is absolutely no reason to look for shorts on this.
Invalidation is above 2710.
short term: Max bullishness.
medium-long term: Very strong breakout above, again. Market currently has no ceiling. Most likely 2700 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
trade of the day: Buying 2650. There were 4 chances where market clearly showed support around that price. Don’t long the first touch of such levels but above the second is good.
tl;dr
Gold - Bull channel from my weekly update was not steep enough. 2700 next. Only look for longs. Can’t stop, won’t stop.
comment: Gold broke above my drawn patterns, again. Unreal strength but not unexpected. In my weekly I wrote you should only look for longs. How high can this get? 2700 is almost a given at this point and big round numbers are always decent for a pullback or some stalling. Any long would need a stop 2645 as of now. Can wait for pullbacks to long this. last 10 days has 1 bear bar. Don’t try to be smarter than the market and short it. Although it’s becoming climactic and a pullback is expected, it can go further, so don’t pick tops.
current market cycle: bull trend
key levels: 2645 - 2700
bull case: Bulls in full control. New low would be below 2645 and that’s far away. I look for pullbacks near ema to long it.
Invalidation is below 2540.
bear case: Bears want a pullback but will probably have to wait for 2700 now. Best they currently get is to stall the market and make it go sideways. I expect this around 2700 next. There is absolutely no reason to look for shorts on this.
Invalidation is above 2710.
short term: Max bullishness.
medium-long term: Very strong breakout above, again. Market currently has no ceiling. Most likely 2700 next and I do think 3000 could be a potential target if we continue. There is certainly an argument for a measured move based on the bull rally from 2018-08 to 2020-08.
current swing trade: None
trade of the day: Buying 2650. There were 4 chances where market clearly showed support around that price. Don’t long the first touch of such levels but above the second is good.
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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.
Related publications
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.