WILL GOLD CONTINUE UP?
gold is still looking bullish for now
the uptrend shown by the three blue lines is still very much intact on the daily chart and indeed on the 4hr chart as well, we also have a decent size bullish flag/wedge pattern the top line of which was broken and has now turned into support showing further bullish bias, price has also formed a double bottom today rejecting almost perfectly off the 1980 level illustrated by the orange circles.
the only thing that concerns me is that price is once again in very close proximity to the unbroken market "ceiling" at 2060 which points to two interesting facts, firstly that in the past price has made strong rejections off this level but perhaps more interesting is the fact that price took significantly less time to return to this level from the last rejection (around 180 days less) which given my still expanding knowledge of market/trend cycles means price could be returning more frequently to this area signaling a likely break through this level though i doubt it will happen in this particular cycle but later this year who knows?
either way i will of course be looking to the economic headlines to lend weight to my analysis
would love to hear from anyone who studies markets over longer terms as i am not as skilled in this area and would welcome some insight!
the uptrend shown by the three blue lines is still very much intact on the daily chart and indeed on the 4hr chart as well, we also have a decent size bullish flag/wedge pattern the top line of which was broken and has now turned into support showing further bullish bias, price has also formed a double bottom today rejecting almost perfectly off the 1980 level illustrated by the orange circles.
the only thing that concerns me is that price is once again in very close proximity to the unbroken market "ceiling" at 2060 which points to two interesting facts, firstly that in the past price has made strong rejections off this level but perhaps more interesting is the fact that price took significantly less time to return to this level from the last rejection (around 180 days less) which given my still expanding knowledge of market/trend cycles means price could be returning more frequently to this area signaling a likely break through this level though i doubt it will happen in this particular cycle but later this year who knows?
either way i will of course be looking to the economic headlines to lend weight to my analysis
would love to hear from anyone who studies markets over longer terms as i am not as skilled in this area and would welcome some insight!
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