GOLD TARGET $1850-$1900
Updated
-Gold is currently starting a long-term parabolic trend, spurred on by the addition of trillions of dollars by central banks around the world, near 0% interest rates that will be held for years to come, and immense economic and monetary uncertainty. For these reasons my macro analysis is premised on a very bullish outlook. Declining real GDP growth will also greatly exacerbate the weaknesses of the USD, as will rising foreign tensions and a re-structuring of world economies to become more regionally focused, so that we may overcome unemployment at the expense of higher costing consumer goods.
-Short-term, I think this pull back in gold is a good buying opportunity. The price is in a consolidation triangle and has spilled out much volume through panic selling, but I believe this will be short lived from a longer-term support line that coincides with the bottom of the triangle. My trade is premised on a breakout opportunity on the upside, which will initially cause short covering and lead to some bullish exuberance. I think the stock will find its way into this more stable up-trend until it reaches the top of the parabolic ceiling, whereby it will then consolidate and conduct a real retracement from the 1850-1900 level.
-Short-term/long-term, gold is a BUY.
-Short-term, I think this pull back in gold is a good buying opportunity. The price is in a consolidation triangle and has spilled out much volume through panic selling, but I believe this will be short lived from a longer-term support line that coincides with the bottom of the triangle. My trade is premised on a breakout opportunity on the upside, which will initially cause short covering and lead to some bullish exuberance. I think the stock will find its way into this more stable up-trend until it reaches the top of the parabolic ceiling, whereby it will then consolidate and conduct a real retracement from the 1850-1900 level.
-Short-term/long-term, gold is a BUY.
Trade active
Forgot to add: Buy in today was at 1690.
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.