Gold - my outlook:
The gold price is on the verge of exiting the temporary downtrend. Then the trendline and the resistance at 1,855 will also be broken. The bulls have a big target!
What happened over time?
Since the middle of April, the rise above 1755 has shown the first bullish signals through the finalization of a double bottom. At 1,800, there was an important resistance at which I personally expected some temporary short signals. This mark stopped the climb and acted as a resistance. Then the rocket started: As I have already posted, overcoming the 1800 mark was a sign of a bullish run up. Then the goal was the trend line in the area 1848 - 1855.
Chart technical situation:
The only thing that stands in the way is the resistance at 1855. Then gold could attack 1,875 and quickly move towards 1900. Due to the current dynamics, this scenario is very likely.
In my eyes, the mark at 1798 is very important. Pullbacks are to be expected in the current price range. As long as the 1800 remains steadfast, I see gold as bullish.
The gold price is on the verge of exiting the temporary downtrend. Then the trendline and the resistance at 1,855 will also be broken. The bulls have a big target!
What happened over time?
Since the middle of April, the rise above 1755 has shown the first bullish signals through the finalization of a double bottom. At 1,800, there was an important resistance at which I personally expected some temporary short signals. This mark stopped the climb and acted as a resistance. Then the rocket started: As I have already posted, overcoming the 1800 mark was a sign of a bullish run up. Then the goal was the trend line in the area 1848 - 1855.
Chart technical situation:
The only thing that stands in the way is the resistance at 1855. Then gold could attack 1,875 and quickly move towards 1900. Due to the current dynamics, this scenario is very likely.
In my eyes, the mark at 1798 is very important. Pullbacks are to be expected in the current price range. As long as the 1800 remains steadfast, I see gold as bullish.
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