GOLD ^^^^
Starting down from a top down analysis gold has been looking super bullish on the Monthly, Weekly, and Daily time frames. We have been making higher highs and higher lows throughout this consistent trend. The bank holiday threw a little consolidation into the equation, but everything is still being respected. Going down to H4 we are steadily climbing this bullish trend line- which has been respected many many times. Additionally slapping on fibs give us extra confluence as we are on a 38.2 and a strong support.
We have also made a double bottom pattern which indicates that price is still pushing up. On top of the fact, that we have multiple exhaustion points at that support which hints that price is rejecting 1775 pretty harshly. I dont trade fundamentals, but looking at how covid cases are rising, an unstable economy usually tends to draw investors attentions to GOLD since it is seen as a safe heaven (which should be taken into account).The next push should hit 1800-1807. The risk reward isnt amazing, but seeing how everything lines up, i think it safe to assume that gold will continue rising. Any critiques and or constructive criticism is very much allowed here as i am documenting my trades from now on to see how they play out and fix any mistakes that i will make along the way.
We have also made a double bottom pattern which indicates that price is still pushing up. On top of the fact, that we have multiple exhaustion points at that support which hints that price is rejecting 1775 pretty harshly. I dont trade fundamentals, but looking at how covid cases are rising, an unstable economy usually tends to draw investors attentions to GOLD since it is seen as a safe heaven (which should be taken into account).The next push should hit 1800-1807. The risk reward isnt amazing, but seeing how everything lines up, i think it safe to assume that gold will continue rising. Any critiques and or constructive criticism is very much allowed here as i am documenting my trades from now on to see how they play out and fix any mistakes that i will make along the way.
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