Gold is at resistance. Is it time to short?

2 ago 2022

Hello everyone! As Pelosi is going to Taiwan, things could get ugly between China and the US, sending gold higher. However, gold is currently at key resistance, and the quadruple/quintuple bottom lower will most likely break. For a while, I've mentioned how I believe gold will go to 1650 and potentially down to 1300 before it bottoms. There are many different forces at play here, and although I think gold will go higher in the long term, it looks like it will be headed lower in the short time. Therefore my first target is the 1640 support of the Yearly S2 pivot; without that meaning, I'd want to go long there. I'd only want to go long if the price reclaims the broken quadruple bottom and bet on a short-term bounce.

25 nov 2022

Trade chiuso: obiettivo raggiunto

Target reached and now let's see if the second part plays out. I doubt it, and I think gold is more bullish than it looks... Not very confident on either direction.