Will gold sustain this uptrend or reversal soon?
$Gold Futures (AUG5) (GCmain.US)$ $SPDR Gold ETF (GLD.US)$ $XAU/USD (XAUUSD.CFD)$
When will gold stop going higher? or will it keep going up non stop as everyone fear of economic recession.
As always i like to find trade ideas solely based on chart, every little movement of price action tells us the story.
Firstly, price is having pullback now and i will not make any long position yet until there's support reaction found from this 2 support 3196-3261. It must be immediate and without any hesitation, otherwise i will see it as weakness and looking for short entry below the support level.
Next, what i will look for if price fail to hold above 2 key support, i will look into 1 hour + 5min timeframe to look for trade setup & entry, aiming towards previous low 2970 as primary TP target.
What I can do now is wait, to see what market want to show me, instead of making emotion trade based on news or what your friend says![]()
Let's see !
When will gold stop going higher? or will it keep going up non stop as everyone fear of economic recession.
As always i like to find trade ideas solely based on chart, every little movement of price action tells us the story.
Firstly, price is having pullback now and i will not make any long position yet until there's support reaction found from this 2 support 3196-3261. It must be immediate and without any hesitation, otherwise i will see it as weakness and looking for short entry below the support level.
Next, what i will look for if price fail to hold above 2 key support, i will look into 1 hour + 5min timeframe to look for trade setup & entry, aiming towards previous low 2970 as primary TP target.
What I can do now is wait, to see what market want to show me, instead of making emotion trade based on news or what your friend says
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Amidst the uncertain outlook of the trade war and escalating concerns about an economic recession, gold prices have repeatedly reached new highs this year, at one point surpassing $3,500 per ounce. This marks an almost 30% increase since the beginning of the year. For investors in U.S. equities, investing in gold mining stocks represents a significant opportunity to ride this wave. Amidst the uncertain outlook of the trade war and escalating concerns about an economic recession, gold prices have repeatedly reached new highs this year, at one point surpassing $3,500 per ounce. This marks an almost 30% increase since the beginning of the year. For investors in U.S. equities, investing in gold mining stocks represents a significant opportunity to ride this wave.
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nBc : Gold will continue go up,
SeekingHappiness : solid run
Nicholas Oram nBc : Agreed. one word STAGFLATION
Mr Bull and Bear OP : Gold testing our key support zone now, let's see if it show well supported sign (for me to find long entry) , or it show weakness (for me to find short entry)