Gold has been long term bullish over the last year just as expected. With the monthly, weekly, and daily closing of recent gold prices, we can conclude that gold's bull run could potentially move further upwards to new yearly highs. Commodities and cryptocurrencies, in the coming year, will push upwards if all the political and financial turmoil in the world's government superpowers continues; including the US-China trade war and the US-Iran tensions.
Gold over the past week has breached a weekly resistance zone and even turned it into support. It proceeded to spike upwards shortly afterward and test a key monthly resistance level. After rejecting it, it retraced down to the new weekly support and completed a bullish harmonic pattern. The last daily candle closed bullish above the weekly support and I expect the price to retest the monthly resistance.
Entries were taken at 1556.8. Take profit 1 was set to 1575; take profit 2 was set to 1610. My stop loss is set to 1535.50.
Gold over the past week has breached a weekly resistance zone and even turned it into support. It proceeded to spike upwards shortly afterward and test a key monthly resistance level. After rejecting it, it retraced down to the new weekly support and completed a bullish harmonic pattern. The last daily candle closed bullish above the weekly support and I expect the price to retest the monthly resistance.
Entries were taken at 1556.8. Take profit 1 was set to 1575; take profit 2 was set to 1610. My stop loss is set to 1535.50.