Gold cemented a bottom price of 1045 at the end of last year, and since has made considerable gains - reaching 1375 earlier in the month. From the rise over the past few months, Elliott Wave would dictate that we're in an impulsive wave 3.
I have an initial target of just under 1500 before November this year however either wave could be extended and hit higher prices.
We can see on the Stochastic RSI , there is a bullish divergence; and fundamentally speaking - there's been an increase in demand for precious metals as economic uncertainty continues, with gold-0.55% playing the part of a safe-haven for wealth.
In my opinion, Gold is a very attractive buy right now.
Happy trading!
I have an initial target of just under 1500 before November this year however either wave could be extended and hit higher prices.
We can see on the Stochastic RSI , there is a bullish divergence; and fundamentally speaking - there's been an increase in demand for precious metals as economic uncertainty continues, with gold-0.55% playing the part of a safe-haven for wealth.
In my opinion, Gold is a very attractive buy right now.
Happy trading!
Note
Correction looks like it's coming to an end, resting on a support on price levels, and also on the OBV. Bullish divergences are appearing, along with bearish divergences on the USDOLLAR index. Wait for confirmation but seems like this may bounce before the end of the week, and we can break the bullflag to go onto higher highs.
Note
After a huge blood spill yesterday, XAUUSD seems to be coming an end of the correction. Resting on the 0.618 fib and a support line, it seems like an area to watch for a strong bounce which could lead to a continuation of the uptrend seen earlier this year.
Happy trading!
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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.