Gold has a very interesting setup as described in my monthly chart, see related ideas for it. The daily is offering a potential long entry as well, to benefit from a time at mode uptrend signal, that aims for at least a climb to 1329.18 to occur before April 1st.
On Monday, price needs to hit 1293.73 before the close, to further validate the momentum in this trend, else, it'd be probable to see a retracement after hitting the monthly downtrend mode, which is currently the barrier stopping gold from hitting at least 1550.
We can look to go long if we hit the 'daily buy zone' on chart, with stops at 1232.30, and in case this fails, we would have to monitor the price action against the following support levels, more specifically, the Speed lines and the time levels on chart, as well as the retracement levels I've labeled here. I'll focus on the long side, considering the larger picture view.
Will update the chart upon entry. Good luck and have a nice week!
Cheers,
Ivan Labrie.
Komen
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Komen
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First speed line broke and closed below. Seems like more downside is possible, I'd sell a pullback if offered and go long lower.
Komen
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I mispelled and noticed too late "Longterm decline" not downtrend decline...my bad.
I don't believe equal ranges are of any use, personally, so I can't really read that chart.
Trading is a highly personal thing, if something is part of your 'belief system' and it has given good results to you before, by all means use it.
It might not make sense to others though.
arif_awan
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yea thats true, well this chart is just for reference but my analysis work well for me.
arif_awan
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arif_awan
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yo are right it depends on your belief
arif_awan
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IvanLabrie
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I think that trendline is as obvious as it gets...probably won't work, in my humble opinion.
arif_awan
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I am watching that too, I will buy if it bounced back...in my view USD will remain bearish this year.
IvanLabrie
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Not sure about USD as a whole, but fundamentally speaking, yes, gold can rally, and technically speaking, yes the long term decline might be over.
Cheers!