Gold (XAU) - Rockin’ Higher
Edition #2
Macro = bullish / short term = bullish 🚀 🚀 🚀
From a macro perspective, the bullish trend has just been confirmed. With the current worldwide uncertainty regarding monetary policies, the wars going on and the political conflicts people tend to swift towards safe havens like gold since their store of value does not deteriorate in an economic crisis, it's always on demand and easily convertible. History doesn’t repeat itself but it certainly rhymes.
We have two active Time at Mode weekly bullish trends.
First trend expires mid September with the highest target of $2,900.
Second trend expires in November with the highest target of $3,100.
Combining both short and longer term trends, we could easily expect price continuation toward $3,000's by the end of the year.
As mentioned in our last report, price needed to break above the highs of $2,484 for bullish momentum to continue. We have now broken above these highs with a bullish expansive bar on the weekly, 3 day and even the daily chart, too much confluence. Now what?
If price remains above previous highs of $2,484 we’ll most than likely continue this bullish trend without any bigger retrace. On the other hand, if we start trading below this level, then our next area of interest will be lower.
First long entry @ $2,490’s.
Second long entry @ $2,440’s
Previous gold update here:
Luis Ricardo Guizado
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.
