Gold- Change of trend or just correction? (Long term view)
A lot of people ask themself if Gold has changed its long-term trend, and for a good reason.
November has been a terrible month for XauUsd with the price dropping almost 2000 pips (approx 10%), also, from its all-time high is the fourth red month for Gold...
But would this affect the long term trend? IMO, is not, and if we look at the monthly chart we can see that although we have a big drop in price, we are not even at 38% retrace from the start of this bull run. Also, keep in mind that from that low Gold almost doubled its value.
So, if you are a long term/ positional trader, I think now is a good time to look for buying opportunities.
I don't rule out a spike under 1750 support, but that should be it to keep Gold in this uptrend.
November has been a terrible month for XauUsd with the price dropping almost 2000 pips (approx 10%), also, from its all-time high is the fourth red month for Gold...
But would this affect the long term trend? IMO, is not, and if we look at the monthly chart we can see that although we have a big drop in price, we are not even at 38% retrace from the start of this bull run. Also, keep in mind that from that low Gold almost doubled its value.
So, if you are a long term/ positional trader, I think now is a good time to look for buying opportunities.
I don't rule out a spike under 1750 support, but that should be it to keep Gold in this uptrend.
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💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
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