Summary:
For a change, i would like to do a complete analysis on "Safe Haven" metal GOLD. GOLD has played a major role whenever an crisis arises in worlds major economies and we have seen lot of money move into GOLD from stock market at those crisis situation.
For example, in 2008 economic crisis GOLD Futures contract price has had a massive run starting from $681 in late 2008 and reached $1923 in late 2011, later price was in consolidation for until late 2012 before starting a bearish run to 1050 level in late 2016.
Below is Gold 10 year chart each candle representing 1 week.
If we look at the chart below, we can observe the price has been range bound between 1350ish to 1125ish zone for almost 4 years now.
Price has been in upward channel since the 1045 lows in Nov 2016.
If we zoom into to the more recent swing on 1 year 1 Day chart, we can see a bull flag formation in play which has greater chance of cutting through the 1370ish multiple year resistance and could reach its target of $1429 soon. The start of the pole of this bull flag is bouncing of 78% fib level exactly to the tick which shows the control of the price by the Bulls. This could be a start of a bull run again in GOLD.
If you like my analysis please upvote, follow and Resteem this post, You can also follow me on twitter to get instant updates @tradewithtechie
Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
Absolutely
all will run to PM when the markets slide
Buy in now I say!
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