GOLD OUTLOOK - WEEK 8
Gold closed extremely bullish and should breach 1900 early next week, 1908 will act has the first resistance point but this will be intraday and minor. The next region is the blue zone which is a sell off point but just above it is the maximum threshold line. Anything above this line and it's like gold will push 1950-1975 and quickly. GOLD will be driven by fundamentals next week and a peace agreement will cause a mass sell off in GOLD.
There are no swing trades to be taken now because we are in the middle of the channel. Gold could drop first to the marked area but this is unlikely given the bullish closures.
I will look to short GOLD from 1925 on the back of speculation that there is a peace agreement signed, let's be honest there will be one signed BUT if we see the drop first without any signs of peace I would look for longs.
Gold closed extremely bullish and should breach 1900 early next week, 1908 will act has the first resistance point but this will be intraday and minor. The next region is the blue zone which is a sell off point but just above it is the maximum threshold line. Anything above this line and it's like gold will push 1950-1975 and quickly. GOLD will be driven by fundamentals next week and a peace agreement will cause a mass sell off in GOLD.
There are no swing trades to be taken now because we are in the middle of the channel. Gold could drop first to the marked area but this is unlikely given the bullish closures.
I will look to short GOLD from 1925 on the back of speculation that there is a peace agreement signed, let's be honest there will be one signed BUT if we see the drop first without any signs of peace I would look for longs.
