If we look at longer term charts in gold you may spot that after a prolonged downtrend, Gold has been bullish since the end of 2015. It was going up in waves. Pressure up has been building steadily and any technical analyst will say that buying on dips is a perfect strategy for this commodity.
Taking into account that the world is facing dangers of nuclear war, in my opinion gold has only one direction to go now, which is up.
You may also see that having run to 1365 level it corrected to 1307 level, then bounced and then fell back slightly below 1307 and bounced again forming a bullish pin on a daily chart. I assume we will see another leg up in gold and sooner rather than later we may see a long term break of 1375 level and a strong move after that.
So, to sum up, I expect a strong upward trend to resume in Gold and opportunities to buy it are excellent now.
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Financial markets carry a high level of risk. Investor can lose all his money trading them. You should not invest money that you can’t afford to lose. Information on this blog is for information purposes and should not be regarded as an advice to invest.