As I said yesterday, Gold is in a very good buy position at this point, and my opinion remains the same.
From a long-term perspective, the trend is clearly up, and this 7 months drop is just a flag-type correction.
At this point, Gold is trading in extremely strong confluence support and I expect the long term trend to remain unchanged.
From a short term perspective, the drop from 1760 is a falling wedge and I expect a turn sooner rather than later. A bottom can be in place at this point and a rise and close back above 1700 would confirm that.
From a long-term perspective, the trend is clearly up, and this 7 months drop is just a flag-type correction.
At this point, Gold is trading in extremely strong confluence support and I expect the long term trend to remain unchanged.
From a short term perspective, the drop from 1760 is a falling wedge and I expect a turn sooner rather than later. A bottom can be in place at this point and a rise and close back above 1700 would confirm that.
Note
Gold above 1700 and above wedge resistanceYesterday's low should be the low
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.