Gold setting up for bullish rally

12 באוק׳ 2019

One of the more interesting bull set ups in the market. Seems like the perfect storm is setting up. Quantitative easing has restarted, trade wars (China and potentially Europe), and Brexit just to name a few issues. I would like to see a pull back to $1,400 before continuing higher, but there is a possibility that it will not happen. $1,400 is a major level. It is the .618 fib ext line for the last 30 days, resistance area for the ascending triangle pattern, and an area of support (trend and 24 month EMA). If there continues to be turmoil in US equity markets and political tensions continue to escalate. Look for Gold to move higher quickly.