Gold could rise above 1800 by year's end
Updated
The beginning of the month is marked by a very important break in the case of Gold: a break back above the 1680 zone and a break above the falling trend line started in March. On the 10th of November, a new significant break followed, the break above the neckline resistance of a double bottom which led to acceleration and a local high at 1785.
As was normal after such a strong move, correction followed last week and a test/confirmation of the broken neckline as new support.
Last week's candle is also a Pin Bar which can also be a signal that the correction is over.
Looking at the daily time frame:
tradingview.com/chart/jixc96Rw/
We can clearly see that the 1720-1730 zone is support and Gold seems ready for a new leg up.
Targets for bulls can be the 1785 recent high followed by the 1807 top from August.
In conclusion, dips against 1720 should be bought and as long as the price is above 1680 bullish structure remains intact.
Best Regards!
Mihai Iacob
As was normal after such a strong move, correction followed last week and a test/confirmation of the broken neckline as new support.
Last week's candle is also a Pin Bar which can also be a signal that the correction is over.
Looking at the daily time frame:
tradingview.com/chart/jixc96Rw/
We can clearly see that the 1720-1730 zone is support and Gold seems ready for a new leg up.
Targets for bulls can be the 1785 recent high followed by the 1807 top from August.
In conclusion, dips against 1720 should be bought and as long as the price is above 1680 bullish structure remains intact.
Best Regards!
Mihai Iacob
Trade closed: target reached
Target reached sooner:)
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
🌟 Bust your trading with 50% deposit bonus:
secure.m4markets.com/links/go/5426
Related publications
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.