Gold saw a massive spike at the once highest level gold has ever seen and has since then closed under this level (on the daily chart) and is further on the way down again.
Now I see a lot of people looking for longs on gold but I don't want you to forget that gold has been rejected 3 times in this zone before and went in a downtrend.
So before you load up your longs and look for new highs, don't forget that price just might reverse here.
Of course gold will someday see new highs but I don't think it will be for this year.
Let me know what you think!
Be patient and manage your risk!
Now I see a lot of people looking for longs on gold but I don't want you to forget that gold has been rejected 3 times in this zone before and went in a downtrend.
So before you load up your longs and look for new highs, don't forget that price just might reverse here.
Of course gold will someday see new highs but I don't think it will be for this year.
Let me know what you think!
Be patient and manage your risk!
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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.
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.