2730 target hit and I expect a revisit.
Overall:
Currently ascending channel pattern: mid term bearish until it breaks the lower or upper supports. Which it has, but we are looking for confirmation of the invalidated channel.
Also a nice chunk of volume on the last bullish move which shows big market interest. RSI showing reversal divergence on the daily but a break above 2700 will invalidate the reversal divergence.
Big rejection candle at 2750ish
Current lower support or buy targets:
2500-2570 or retail 2600-2700… if you’re lucky.
At this stage, with a break above the channel, and a confirmed retest, I’m considering the price might start going parabolic, if 2500 holds as support.
Since the ATH, and considering inflation, and recent economic and political events, I see reason for a dramatic increase in value. However, two things that will decrease gold value is a decrease in production of electronics, which won’t happen, and the idea that gold is everywhere, all around us. A change in how we mine/obtain valuable materials and trade them will consequently change its value. Of course the other thing that could drop golds value is the idea that it is inflated as well, which looks very possible.
However, I have no reason to suspect the opposite until we see a new low this year. I remain bullish on gold long term mainly due to social uncertainty.
Keep safe out there. Be the change you want to see in the world… and smile.
Overall:
Currently ascending channel pattern: mid term bearish until it breaks the lower or upper supports. Which it has, but we are looking for confirmation of the invalidated channel.
Also a nice chunk of volume on the last bullish move which shows big market interest. RSI showing reversal divergence on the daily but a break above 2700 will invalidate the reversal divergence.
Big rejection candle at 2750ish
Current lower support or buy targets:
2500-2570 or retail 2600-2700… if you’re lucky.
At this stage, with a break above the channel, and a confirmed retest, I’m considering the price might start going parabolic, if 2500 holds as support.
Since the ATH, and considering inflation, and recent economic and political events, I see reason for a dramatic increase in value. However, two things that will decrease gold value is a decrease in production of electronics, which won’t happen, and the idea that gold is everywhere, all around us. A change in how we mine/obtain valuable materials and trade them will consequently change its value. Of course the other thing that could drop golds value is the idea that it is inflated as well, which looks very possible.
However, I have no reason to suspect the opposite until we see a new low this year. I remain bullish on gold long term mainly due to social uncertainty.
Keep safe out there. Be the change you want to see in the world… and smile.
