Gold - Should we take profits now?

1 Jul

XAUUSD has been heading higher and creating a strong rally; time to take profits.



Gold is still clearly bullish, creating higher highs and higher lows on the higher timeframes. But we also always have to keep in mind, that metals and commodities in general are always following anticipated economic cycles. It is actually quite likely, that after the recent rally of +30% we will now see a retracement on Gold, maybe even back to the previous breakout level.

Levels to watch: $2.400, $2.000

Keep your long term vision,
Philip - BasicTrading