Here's a look at GOLD from a multiple time-frames perspective starting off from the monthly where we are still in a rally of higher highs with some strong momentum to the upside currently trading just below FIBONACCI level 1.618 just above the $ 1800 mark
> scaling it down to the weekly we at the 5th consecutive high on GOLD trading in a formation which could be signalling continuation to the upside.
> From the DAILY perspective GOLD broke out of the currently ranging within a triangle structure but upon close of the market we saw the bulls coming back into play on the metal.
looking to see if we'll see the ascending structure hold and continuation patterns to the upside as the sentiment is widely from fundamentals point of view but it seems we'll see a return of some ON GOLD in this coming week.
SOME FACTORS TO NOTE ON GOLD
2. MORE STIMULUS
3. COVID - 19 even though GOLD is one of those that have thrived through this pandemic
4. WEAKER U.S DOLLAR
5. THE DIRECTION OF TREASURY YIELD
6. FLAT DEMANDS FOR HIGHER RISK ASSETS
7. DEVELOPMENT OF THE VACCINE FOR COVID - 19
Prices can still be range bound before we see more coming into play which will be a good opportunity for the more aggressive traders on smaller time-frames but all in all still remain on GOLD lets see how it goes...
Good luck and happy trading everyone
ENTRY & SL - FOLLOW YOUR RULES ON PENDING ODER & SO FORTH
PERIOD - SWING TRADE
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