Going For Gold!
The wait for Gold has been long and has tested our patience, but after 9 years of consolidation,
record highs are being created for this precious metal.
Prior to the consolidation period, price was in an 11-year strong bull trend, rising from a low of
$250 all the way to the previous all-time high set at $1920.
As with most good things, they soon come to an end and that is exactly what happened with this
trend. After a trend, they need time to reset, especially one lasting for 11 years.
From 2010, when the previous all-time was created, price declined within the consolidation
zone to a low of $1046.
After finding a base, although price was still in consolidation, price started to form higher highs
and higher lows. Gold saw declines and increased volatility during the recent global pandemic
during February and March but the bullish moves soon continued.
We are now seeing price creating new all-time highs but do remember that this may turn out to
be a fake breakout.
Also, even if the bulls continue to push price higher, we still have a major level of resistance in
the way of price in the form of the $2000 round number. This is a psychological resistance level
so it will be interesting to see how price reacts to this level.
Right now, we are seeing good signs of a bull trend and should price make it above the $2000
round number, we could see another long-term bull trend in Gold.
Our current position is in good profit and we will look to compound once price moves above $2000.
Will your strategy position you to take advantage of this investment opportunity?
If not then check out our 4-part series below.
As always, keep it simple, keep it Sublime.
record highs are being created for this precious metal.
Prior to the consolidation period, price was in an 11-year strong bull trend, rising from a low of
$250 all the way to the previous all-time high set at $1920.
As with most good things, they soon come to an end and that is exactly what happened with this
trend. After a trend, they need time to reset, especially one lasting for 11 years.
From 2010, when the previous all-time was created, price declined within the consolidation
zone to a low of $1046.
After finding a base, although price was still in consolidation, price started to form higher highs
and higher lows. Gold saw declines and increased volatility during the recent global pandemic
during February and March but the bullish moves soon continued.
We are now seeing price creating new all-time highs but do remember that this may turn out to
be a fake breakout.
Also, even if the bulls continue to push price higher, we still have a major level of resistance in
the way of price in the form of the $2000 round number. This is a psychological resistance level
so it will be interesting to see how price reacts to this level.
Right now, we are seeing good signs of a bull trend and should price make it above the $2000
round number, we could see another long-term bull trend in Gold.
Our current position is in good profit and we will look to compound once price moves above $2000.
Will your strategy position you to take advantage of this investment opportunity?
If not then check out our 4-part series below.
As always, keep it simple, keep it Sublime.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.