Gold Long Idea - Long Term
This technical analysis is based on the market cycle.
Prices have been contracting from Aug 2020 to Feb 2022, during the covid days.
In 2022 as the world was opening up, the market entered the expansion stage. Gold price was falling to the downside as dollar price kept getting stronger. However, if we see the COT reports, the non-coms institutions have been buying all the weak hands. They have been accumulating.
1800 seems to be the average price when price will retraced one last time, before shooting to infinity. Keep an eye on 1800 for rejections or retracements.
Prices have been contracting from Aug 2020 to Feb 2022, during the covid days.
In 2022 as the world was opening up, the market entered the expansion stage. Gold price was falling to the downside as dollar price kept getting stronger. However, if we see the COT reports, the non-coms institutions have been buying all the weak hands. They have been accumulating.
1800 seems to be the average price when price will retraced one last time, before shooting to infinity. Keep an eye on 1800 for rejections or retracements.
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