Super Bull
Aggiornato
It took 6 years for gold to build a big W as its based to rocket high.
It is very obvious that gold will be a BUY in long term, final target could reach 1800 and above, once it breaches 1485 and 1531 level.
However, in the short term, Daily timeframe, it is telling us that gold is overbought, divergence is seen in the MACD and RSI, we shall see it falls to 1422, or even 1350 level, then bounce back to a higher level in the following week, or 2 weeks time.
in conclusion, 1485 may be the resistance level for the big retracement, may fall to 1350 after touching it, and there would be a big buying point, hold it until 1531 level.
It is very obvious that gold will be a BUY in long term, final target could reach 1800 and above, once it breaches 1485 and 1531 level.
However, in the short term, Daily timeframe, it is telling us that gold is overbought, divergence is seen in the MACD and RSI, we shall see it falls to 1422, or even 1350 level, then bounce back to a higher level in the following week, or 2 weeks time.
in conclusion, 1485 may be the resistance level for the big retracement, may fall to 1350 after touching it, and there would be a big buying point, hold it until 1531 level.
Commento
target reached, market rejected 1535 and now 1520 became its new resistance.1480-1526 is the consolidation range of it.
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