#Gold/USD #XAUUSD - #analysis (bullish @ H4 and daily timeframe)
Updated
This chart is for a short/mid-term analysis for Gold (obviously the bullish scenario becomes true).
Due to fundamental reasons (Iran conflict, trade tariffs, Corona-virus and currency #wars) there is a strong demand for #safe-haven #assets like #Gold, #Silver and #Bitcoin. Therefore, fundamentally I´m very bullish on Gold.
Gold is in wave 5 (on the higher timeframe macro trend) which consists of 3 impulse waves (1,3,5) and 2 corrective waves (2,4) on a lower timeframe.
Currently gold is in impulse wave 3 inside which is inside wave 5 on the macro trend.
Bulls were strong enough to push gold through the resistance level at $1617.- which is a very bullish signal. Wave 3 target is $1684-1697. When Gold reaches these levels it should experience a pullback (A-B-C correction = wave 4).
Finally the last impulse wave 5 inside the macro trend wave 5 will start which could push gold prices towards $1700 or even up to $1800 in a very bullish scenario!
RSI @ daily TF, momentum on the daily and H4 TF also indicates that there is more upward potential.
Furthermore, on the daily TF be have gotten a bullish-cross between 50 & 100 MA!
Therefore, I will not sell my remaining gold positions now. Gold prices should rise even further and I will adjust my take-profit levels accordingly.
My next TP levels: TP1@ $1679; TP2@1775 (slightly below resistance levels).
In the LONG-term gold price should correct or come near to the monthly SMA50 and SMA100 which means to about $1350-1340. $1347.- is also a pivotal support point. (this may take several months or even years, hopefully we will see attractive entry prices during 2020-2021 again)
Looking at the SMA50/100 I have recognized that a GOLDEN CROSS is approaching which will cross somewhere mid 2020!
This will be very rare buying opportunity (last time we had a golden cross was 16 years ago!).
I´m not a financial adviser. For educational purpose only!
Due to fundamental reasons (Iran conflict, trade tariffs, Corona-virus and currency #wars) there is a strong demand for #safe-haven #assets like #Gold, #Silver and #Bitcoin. Therefore, fundamentally I´m very bullish on Gold.
Gold is in wave 5 (on the higher timeframe macro trend) which consists of 3 impulse waves (1,3,5) and 2 corrective waves (2,4) on a lower timeframe.
Currently gold is in impulse wave 3 inside which is inside wave 5 on the macro trend.
Bulls were strong enough to push gold through the resistance level at $1617.- which is a very bullish signal. Wave 3 target is $1684-1697. When Gold reaches these levels it should experience a pullback (A-B-C correction = wave 4).
Finally the last impulse wave 5 inside the macro trend wave 5 will start which could push gold prices towards $1700 or even up to $1800 in a very bullish scenario!
RSI @ daily TF, momentum on the daily and H4 TF also indicates that there is more upward potential.
Furthermore, on the daily TF be have gotten a bullish-cross between 50 & 100 MA!
Therefore, I will not sell my remaining gold positions now. Gold prices should rise even further and I will adjust my take-profit levels accordingly.
My next TP levels: TP1@ $1679; TP2@1775 (slightly below resistance levels).
In the LONG-term gold price should correct or come near to the monthly SMA50 and SMA100 which means to about $1350-1340. $1347.- is also a pivotal support point. (this may take several months or even years, hopefully we will see attractive entry prices during 2020-2021 again)
Looking at the SMA50/100 I have recognized that a GOLDEN CROSS is approaching which will cross somewhere mid 2020!
This will be very rare buying opportunity (last time we had a golden cross was 16 years ago!).
I´m not a financial adviser. For educational purpose only!
Note
It looks like SMA50/100 GOLDEN CROSS @ 1M TF will occur in May-June 2020! (this is a very very rare signal)
Trade closed: target reached
Sorry for the late update. I sold my remaining gold positions on Monday Feb. 24th near $1690 (sell signal @ H4 and 1D TF).Note
WARNING: Doji trend reversal candle on monthly chart!
If there is a relief rally I will look for a good entry point for a short.
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