Time to buy GOLD?
Price action:
GOLD is trading inside a falling channel which is a bullish formation, at the same time approaching a major support zone at 1680-1670 with a high probability for a near up ward correction. The perfect bullish senario for GOLD at the moment is to wait for a last leg down testing the mentioned support zone (1680-1670) at the same time approaching the support level of the mentioned channel in order to place long positions. In addition, the break above the mentioned falling channel will confirm this bullish senario with the start of the channel at 1800$ being the target.
From a fundamental perspective, economic uncertainty and soaring inflation will increase demand for gold as a safe haven asset, and if conditions kept worsening, expect to see a shift in gold prices forming higher highs for the long run.
GOLD is trading inside a falling channel which is a bullish formation, at the same time approaching a major support zone at 1680-1670 with a high probability for a near up ward correction. The perfect bullish senario for GOLD at the moment is to wait for a last leg down testing the mentioned support zone (1680-1670) at the same time approaching the support level of the mentioned channel in order to place long positions. In addition, the break above the mentioned falling channel will confirm this bullish senario with the start of the channel at 1800$ being the target.
From a fundamental perspective, economic uncertainty and soaring inflation will increase demand for gold as a safe haven asset, and if conditions kept worsening, expect to see a shift in gold prices forming higher highs for the long run.
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