Gold has been one of the major winners of the recent geopolitical crisis in Ukraine and while capitalizing also on the growing inflation, it is approaching the top of the Major Channel Up it's been trading in since the August 09 2021 bottom.
As I explained on my previous XAUUSD analysis at the start of the month, the Higher High is technically on the 3.0 Fibonacci extension:
On the current chart we can see that this 3.0 Fib metric for tops has been consistent for a 12 month basis as the same happened with the March 2021 Channel Up. Since we've already hit the 2.5 Fibonacci level, you should all have made respectable profit already from buying low in February, so now I turn my attention to build up sell positions. The previous two corrections from 3.0 Fib tops have pulled-back to at least the 1.0 Fib, which is now at 1814.50. A more conservative target is the 1D MA50, which is currently at 1822.90 and rising.
As a conclusion, when investing/ trading Gold, I urge to keep always in mind the long-term technical trend and fundamentals. In January I published the following chart on the 1W time-frame, indicating that when Gold breaks above its 1.5 years Triangle, it resume the long-term bullish trend:
A long-term bullish trend, which I analyzed in more detail yesterday, comparing it to the rising inflation. You may even go further back in my literature and see how Gold now broke above the Handle of its multi-year Cup & Handle pattern, potentially eyeing prices as close as $3000 within this decade:
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As I explained on my previous XAUUSD analysis at the start of the month, the Higher High is technically on the 3.0 Fibonacci extension:
On the current chart we can see that this 3.0 Fib metric for tops has been consistent for a 12 month basis as the same happened with the March 2021 Channel Up. Since we've already hit the 2.5 Fibonacci level, you should all have made respectable profit already from buying low in February, so now I turn my attention to build up sell positions. The previous two corrections from 3.0 Fib tops have pulled-back to at least the 1.0 Fib, which is now at 1814.50. A more conservative target is the 1D MA50, which is currently at 1822.90 and rising.
As a conclusion, when investing/ trading Gold, I urge to keep always in mind the long-term technical trend and fundamentals. In January I published the following chart on the 1W time-frame, indicating that when Gold breaks above its 1.5 years Triangle, it resume the long-term bullish trend:
A long-term bullish trend, which I analyzed in more detail yesterday, comparing it to the rising inflation. You may even go further back in my literature and see how Gold now broke above the Handle of its multi-year Cup & Handle pattern, potentially eyeing prices as close as $3000 within this decade:
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.