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.
Disclaimer
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.
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