Gold has been moving down this year but it looks like that is about to change. With inflation at over 5%, it is surprising gold is lagging behind. I see this as a great opportunity, as well as maybe for institutions already, to start hedging for whats ahead.
The analysis: Starting from the weekly chart on the right, it appears gold has finished the correction phase of the Elliot wave (ABC) and is currently on wave 3 of the bullish impulse wave. I see anytime here is a good entry and with a 4-5% stop loss seems fair if my analysis is wrong.
Day trade opportunity as well on the 1 hour chart. Gold just broke out of a similar downtrend channel and just finishing an Elliot wave correction. MFI and RSI also confirms upwards momentum with lastly a big green candle on the previous hour of this posting.
Please leave a like or a comment if you have any feedback. Would encourage me to post more. Also follow me on twitter, I have several trades opened
GLD and you can follow them there. Good luck out there!
The analysis: Starting from the weekly chart on the right, it appears gold has finished the correction phase of the Elliot wave (ABC) and is currently on wave 3 of the bullish impulse wave. I see anytime here is a good entry and with a 4-5% stop loss seems fair if my analysis is wrong.
Day trade opportunity as well on the 1 hour chart. Gold just broke out of a similar downtrend channel and just finishing an Elliot wave correction. MFI and RSI also confirms upwards momentum with lastly a big green candle on the previous hour of this posting.
Please leave a like or a comment if you have any feedback. Would encourage me to post more. Also follow me on twitter, I have several trades opened
GLD and you can follow them there. Good luck out there!Note
Might have spoken too soon on the hourly but outlook is still bullish. 4 hour chart shows previous resistance line now acting as support. Most of the sell off was quickly picked up with confirmation of 2 bullish hammer candlesticks. 
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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.