Gold is absolutely in a bull cycle finally. It has consistently been over 1 standard Dev above the SMA since around Dec 1st.
A good test for gold will be if we see bad news on gold starting to get out, and gold barreling up anyway. A clear sign we are back in new bull market
Currently have other capital tied up on calls on a 3X short of oil while I'm in a larger long position in oil 3X... as soon as this materializes I will be deploying more resources into gold.
Go team gold!
Happy Trading!
- RSI says overbought - but not very concerning when one sees it's pattern within the Bollinger Bands
- Oscillators for the most part look very bullish
- MA - obviously bullish
- Volume is clearly a bullish story
- Global growth concerns will lead to central banks continuing to accumulate
- Fed Policy - halting QT with so much QE out there will lead to continue inflationary pressure
- I think political forces would want a weak dollar as well to increase our exports
- It will be around $1350 when we face major resistance
- I have trouble thinking this will drop under $1319 support now
A good test for gold will be if we see bad news on gold starting to get out, and gold barreling up anyway. A clear sign we are back in new bull market
Currently have other capital tied up on calls on a 3X short of oil while I'm in a larger long position in oil 3X... as soon as this materializes I will be deploying more resources into gold.
Go team gold!
Happy Trading!
Trade active
Just added to the position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.