GOLD (XAUUSD) - Longer Term Trend (W1) & Outlook
Updated
Gold (in USD terms) maintains it's intermediate to longer-run positive outlook within the confines of more or less the same slope structure since the turn of the century nearly two decades ago. While presently confined on the upside by resistance around $1250-$1265, nevertheless the upward trend remains in play from a longer-term perspective on the W1 chart. Any near-term weakness into support at the bottom of median line area (pitchfork) may be an opportunity to increase long exposure in portfolios with longer-term time-horizons of years and decades as opposed to days and weeks. Will Gold finally have a definitive breakout and resulting run to the upside before the end of 2019? Only time will tell, but the technical outlook along with other factors (including risk-reversals hitting highest mark this week since 2011; safe-haven demand amidst ongoing trade wars, currency wars, and potential hot-wars, et. al.,) suggest that the balance of probabilities continues to shift to the affirmative. Keep monitoring closely for further developments.
Note
fxstreet.com/news/gold-risk-reversals-hit-highest-since-2011-on-call-demand-201906100200?utm_source=tradingview&utm_medium=rss&utm_campaign=62d504f0-ae31-4d3d-bba5-11fb479d51aeNote
So far so good. Looking to add to long positions immediately above former resistance-now-turned-support in $1,375 - $1,400 zone; that is, if the opportunity presents itself.Trade active
Holding long, for a while, this is a strategic allocation. May even consider adding later this year on dips down to $1750-$1850 zone.
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.