Gold bonanza?
Technically: Strong
Gold looking good on most time frames (D/W/M).
Nearing previous mid-term resistance at 1747.74.
Broke yesterday out of a high symmetrical, ascending triangle.
Fundamentally: Strong
USD at a high, momentarily holding back dollar-denominated assets.
QE and rates down should weigh on dollar over the next few quarters.
Futures already pricing negative rates in the US…
Trading action: Buy
Long gold for the medium/long term.
Stop loss at the 1640 support, slightly < SMA50.
Staggered entry means position size increase > 1750.
For added kick, buy gold miners which will bring you a leveraged play on the commodity.
PS Simpler, less cluttered chart below.
Gold looking good on most time frames (D/W/M).
Nearing previous mid-term resistance at 1747.74.
Broke yesterday out of a high symmetrical, ascending triangle.
Fundamentally: Strong
USD at a high, momentarily holding back dollar-denominated assets.
QE and rates down should weigh on dollar over the next few quarters.
Futures already pricing negative rates in the US…
Trading action: Buy
Long gold for the medium/long term.
Stop loss at the 1640 support, slightly < SMA50.
Staggered entry means position size increase > 1750.
For added kick, buy gold miners which will bring you a leveraged play on the commodity.
PS Simpler, less cluttered chart below.
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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.
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.