Gold (XAU) - Edition #1
Macro Outlook 🚀 Bullish 🚀
Gold just broke all time high today, now what?
- There is an active bullish trend that expires in December 2025 with price targets of $2,700, $3,150 and $3,600 at first.
Does this mean it's up only from now on? Certainly not.
- If we break below $2,430 we’ll be jumping back in a trading range. And if we break the lows of this trading range then be prepared to fill those macro long orders as we might be in for a bigger retrace.
- Macro ideal long entries stand at around $2,170 and $2,040.
- Nonetheless judging by price action so far we might not get that steep retrace and price could easily continue up but we do need $2,420 level to act as support for this bullish trend to continue.
Short Term
- Price broke above previous highs with a bullish expansive bar showing bulls are in control. A small market buy at current price might be smart but be aware that a retrace to $2,440 - $2,400 is still in play.
- If price is unable to stay above previous highs, then we’ll wait for our second long entry at around $2,360.
As always, we’ll keep updating our trading ideas and always remember to dollar cost average your way in.
Disclaimer
Not financial or tax advice. Zelf Trade is not a financial institution. No content on this Newsletter is financial, accounting, legal or tax advice. Zelf Trade content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
