Gold is approaching the long term, 5 year highs at $1555 and I am looking for a break or bounce scenario. I have a feeling we could see a nice sell off from that zone with profit taking occurring by the speculators trading gold up over the last few weeks.
Gold is currently once again getting a boost from weak USD, trade tensions and the Iran bombs.
I will want to see a nice 4hr rejection of the $1555 before I go short. Alternatively a break and close above this level should see price continue up to new highs around $1600 or more.
Gold is currently once again getting a boost from weak USD, trade tensions and the Iran bombs.
I will want to see a nice 4hr rejection of the $1555 before I go short. Alternatively a break and close above this level should see price continue up to new highs around $1600 or more.
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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.