GOLD Bull

[bigbax699]

Last time i looked at gold it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught out

 

[JungleTrader]

Possible triple top coming up but as you suggest it may range before pushing up or dropping down to the .618 fib level .Wait for the break either direction

 

[Madalyn]

I see the double top and think it might be going down

 

[Jim B]

Nice analysis, haven’t been trading gold recently but it’s something I’ll looking into.

 

[Petezaa]

Solid analysis - I'm thinking Gold will probably go up though. Corona Virus causing a stir - especially overnight, it flew up.

 

[MikeShor]

Thanks for the analysis. Think may retrace a bit then big push.

 

[ScottHughes]

Golds not really my thing, it can be so unpredictable. Although with good analysis like this maybe I'll keep my eyes fresh

 

[DaveT]

Cashed in my Gold buy about a week ago. Wish I hadn't now

 

[RachelEB]

Solid analysis - I'm thinking Gold will probably go up though. Corona Virus causing a stir - especially overnight, it flew up.

Exactly, i see Gold staying strong too

 

[sebking1986]

I can see it going up. Until they get a grip of coronavirus gold will be very strong. So important not to jump on the band wagon and buy or sell in the middle as you say. Patience is a virtue.