Hello,
I wanted to do a technical analysis on gold from my point of view.
After creating a double bottom at previous support and going up, now price sits at downtrend line.
Formed the cup part of the chart pattern, now from here we can see a small pullback to 1850 area (this is where I would buy gold or long it as can seen on my chart) to form handle part, and start a bullish rally upwards, to first strong resistance at 1950 (which is also the handle length target). According to cup and handle pattern, then it should reach to 2000 afterwards.
TA is very bullish, and fundementally gold prices are expected to go up too, in my opinion.
Good luck, follow me for more setups and cheers.
I wanted to do a technical analysis on gold from my point of view.
After creating a double bottom at previous support and going up, now price sits at downtrend line.
Formed the cup part of the chart pattern, now from here we can see a small pullback to 1850 area (this is where I would buy gold or long it as can seen on my chart) to form handle part, and start a bullish rally upwards, to first strong resistance at 1950 (which is also the handle length target). According to cup and handle pattern, then it should reach to 2000 afterwards.
TA is very bullish, and fundementally gold prices are expected to go up too, in my opinion.
Good luck, follow me for more setups and cheers.
