As per my last week idea, there was a strong rejection zone formed on the upside. In the last trading sesssion we saw GOLD break the drawn Rejection line with a small breakout above into our accumulation zone.
Currently, GOLD has taken support along the previous rejection line.
To update from the last week's rejection line, it broke upside and returned back to the accumulation zone.
This week could very well see a uptrend with global markets taking a hit on thursday and friday.
as we can see the gold is totally overbought right now,
as the stock market crash gold will also crash with it in a short term into 1300 usd
and then the next bull run will start that will lead 3200 top
as per my research.
its a nice idea to have some gold in your portfolio in this pandemic
All levels on the chart.
1. Range breaking out after 6 years is significant.
2. Even if the price comes down, there would very difficult for it go below this range due to heavy accumulation over this period.
Gold has been in downtrend since 29-8-2011 to 17-08-2017 approximately, Just to put things into context.
Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed.
There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North...