Why I see Gold defying any logic of lower prices. Breakout!

5 giorni fa

A weekly squeeze commenced at the start of December in the Gold price. Prior to that immediately is a pullback and there are 2 red candles in the chart below. Of course from mid 2024 we saw an uptrend in the Gold price and see my green trend line below price below.

We know the drill, of what usually comes next after a consolidation and we know that Gold is breaking out of this tight weekly consolidation and see the last red candle making its move higher.

Get ready.

The Gold price has a big drop zone under current
price about 1% (guesstimate) under current price.
Pull up a daily to see the top of a long trendline
connecting prior lows and on your screen sloping from right to left and diagonally down.

Now, price just so happened to dodge Shorters of
multiple TF double tops during this week. Plus as mentioned is the cliff jump not far down from current levels.

Gold is lookin to move higher IMHO. Bitcoin is popping
and its looking a definite or very close for mind in about
a week's time.

https://www.tradingview.com/x/SMsxwEEM/

5 giorni fa

Trade attivo

During this week Gold seemed to resist many calls for it to go lower, despite a massive double top ripe for selling. Price should continue a subtle climb at least as seen by the current weekly candle making a move.

I will make a notation here when I see Gold breaking out which for me is playing out on the weekly chart with a weekly powerful MACD circling like crows on its current prey.