I am analyzing this monthly chart with the help of 20 EMA. As far as gold close monthly candle above 20 ema.. bullish trend will remain intact and gold will continue to jump upside..
Bears tried 4 times but gold closed all last 4 monthly candles above 20 ema. To me its a very bullish sign and now we have breakout of last high after Brexit.
There will be consolidation as gold has approached towards Monthly Resistance Trendline but overall picture is very bullish. Next milestone will be 1430/1435. If it remains under 1430/1435 then consolidation will remain in place between 1200 and 1435 But weekly and monthly candle close above 1430/1435 will open new doors towards 1550 and towards 1800 and 1900.
This week is very important for gold especially Monday!!! I will be watching for retracements as it will clear long term picture..
For now gold holds bullish setup on daily chart.. lets see how it rolls for short term but monthly chart is depicting breakout upside soon.
To turn gold bearish... Monthly Candle needs to close below 20 ema!!! Above bulls will keep rocking.
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Monday is very Important day for Gold as it is expected to show deep retracement towards 1260 and below..
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Very positive market open reaction... it suggest me downside of gold is limited towards 1.285 and above it will remain for jumps towards 1375 and 1435
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We have US elections this year and I am not expecting any serious downside before US elections. Month of July has always remained bullish seasonal month for gold and now it is trying to pop out from long term resistance trendline on monthly chart.
It is now close to big resistances 1390 and 1430 and NFP didn't effected much gold which suggest it will keep continue for upside but with turtle pace.
On last US elections gold starting falling before elections but it was up before elections topping close to $1895.. Important thing to note is.. there are rumours of market crash again before elections.. so keep eye on conspiracy theories as well...!!! There is something extraordinary in this year... gold rose high in start of this year after 1985.. then jpy strengthen and usdjpy and jpy pairs tumbling down.. and now Brexit.. and then we will be having US elections.. Plenty of action more to come.. and I prefer remain bullish on gold with buying on dips!!
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For me downside move if happen this year then it will be from $1522 and if gold close monthly have then straight to $1800..
Gold will surpass $2000 & break all time high this year. Derivatives & stock market bubbles will collapse with the dollar. Aug 2015 & Jan 2016 were warnings. Check it out, DXY crashed with the market..... It will do the same this time. Gold & silver fever coming up, a rally you don't sell.
newbie2016
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I am agree with you on Gold.. Gold real rally will start once 1435 will be surpassed.
forged
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Many TA who recommended to short gold in the past weeks don't understand fundamental analysis of gold, world economy & 7 yrs market crash cycle. They are fixated chart movement to short gold, as a result they were wiped out completely. Gold next immediate target is 1525. S&P is due for a major collapse anytime at any moment.
newbie2016
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what a co-incidence... gold rose first time so much in start of year since 1985... and gbpusd fallen so deep since 1985 :
Majority of Big Guns are long.. and only small traders are spoiled on short side..
XiaJi
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According to you today gold will be up again or down ? you can let her know how much is the bottom ? thank u ^^
newbie2016
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As far as gold is above 1294... expect it towards 1355 and 1390... but there are 2 major resistances 1336 and 1365.. I was very keen to see market reaction of gold after market open... and so far to me gold holds bullish action and we will see it to go towards 1375.. but due to long daily candle it posted.. i am expecting retracements towards 1300 will provide good opportunities to long..
XiaJi
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you are great ^^ Future pleased to consult you even more . Thank u so much.
newbie2016
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July and August are bullish seasonal months... so retracements will be good to go long as per seasonal trades..