It is about the end of 2019, and from the weekly to daily chart, Gold had started the next phase of its massive rally since Christmas Eve. Previously highlighted in my published ideas, upside warning was given about a month ahead, and opportunities were available since then. Congratulations to those who took time to do due diligence and took action...
Gold just broke out of consolidation, a recoil to spring upwards and onwards, breaking out of a descending trendline, with supporting technicals including MACD, in weekly and daily time frames. The candlestick patterns suggest a very strong demand, marubozu styled.
Longer term expectations remain at 1750-1800 resistance price target in 2020, followed by a retracement (to as low as 1550), and then completion of a Cup-and-Handle pattern (in the monthly chart) for a multi-year price target of 2600 (about 2025?).
Gold just broke out of consolidation, a recoil to spring upwards and onwards, breaking out of a descending trendline, with supporting technicals including MACD, in weekly and daily time frames. The candlestick patterns suggest a very strong demand, marubozu styled.
Longer term expectations remain at 1750-1800 resistance price target in 2020, followed by a retracement (to as low as 1550), and then completion of a Cup-and-Handle pattern (in the monthly chart) for a multi-year price target of 2600 (about 2025?).
