The next macro bull-cycle for gold is starting, fueled by massive amounts of money that are and will be printed by the FED, commanded by the the Biden Administration.
-First, the price will bounce off the ascending support line at around 1820-1830 and retest the recent high of 1960, which will ultimately break.
-After a correction, the price will move to test the all time high at 2080. It will bounce off first, due to profit taking. We will see a correction (pull back)
-After the correction, 2080 will break and gold will go parabolic to around 2300-2350, where price will consolidate for a while.
Trading strategy:
Keep building your position from here. Buy a little every week to get a good average price. Prepare to take some profit at 2300.
-First, the price will bounce off the ascending support line at around 1820-1830 and retest the recent high of 1960, which will ultimately break.
-After a correction, the price will move to test the all time high at 2080. It will bounce off first, due to profit taking. We will see a correction (pull back)
-After the correction, 2080 will break and gold will go parabolic to around 2300-2350, where price will consolidate for a while.
Trading strategy:
Keep building your position from here. Buy a little every week to get a good average price. Prepare to take some profit at 2300.