Rise to 1800$ and decline below 1700$
When we talk about GOLD everyone has got different expectations and in fact all of them could be true.
What's important is to select the timeframe on which we have those expectations.
The main idea on GOLD is that due to an increasing inflation the price of the metal should increase as well therefore to see ATH.
And that's right. We're also expecting to see ATH on GOLD with values above 2000$, but before that let's see what could happen on the lower timeframes.
Looking at the H4 we're still below key resistance and that makes us think that there could be another drop.
This drop should take price below the 1700$ level.
Stepping down to the H1 chart, here we have a confirmed upside move which has enough strength to continue up to 1800$ and maybe ven higher.
However only based on that move that we have on the H1 we can't say that there's a new trend on Daily
and that's why we don't recommend looking for long positions and expecting 2000$ level next.
Any long positions should be closed around the 1800$ level. From there, you can go short expecting market below 1700$.
Watch out for our daily analysis to find out how is this going to play out and where will be the next entry opportunity.
What's important is to select the timeframe on which we have those expectations.
The main idea on GOLD is that due to an increasing inflation the price of the metal should increase as well therefore to see ATH.
And that's right. We're also expecting to see ATH on GOLD with values above 2000$, but before that let's see what could happen on the lower timeframes.
Looking at the H4 we're still below key resistance and that makes us think that there could be another drop.
This drop should take price below the 1700$ level.
Stepping down to the H1 chart, here we have a confirmed upside move which has enough strength to continue up to 1800$ and maybe ven higher.
However only based on that move that we have on the H1 we can't say that there's a new trend on Daily
and that's why we don't recommend looking for long positions and expecting 2000$ level next.
Any long positions should be closed around the 1800$ level. From there, you can go short expecting market below 1700$.
Watch out for our daily analysis to find out how is this going to play out and where will be the next entry opportunity.
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