Gold had a downturn at 19,19% and stayed in correction sentiment, but were close to bear sentiment (20%+ fall in price from the top) .
Around price 1676$ it saw massive technical support. The technical support where in these 3 types:
- Trendline from previous lows.
- Fibonacci 0,618 based on lows from March 2020.
- Bollingerbands 1000,3 based on 4-hour chart.
After touching these 3 types og technical support, it had a small bounce back to around price 1750$. After that i felt, but this time i made a higher low with around 5$, even considering that the dollar-index rose around 1% during that same period. This priceaction made the pattern of a double-bottom as well.
I think this is a long-term view bottom, based on the technical analasis, but also on the fact that the Dow:Gold ratio at the time is 19,16 (33153$/1730$) and everything over 15 is considered as a buy oppotunity in gold.
How much it think will rise, is hard to say, but my first target would the previous high (2074$) and the second target would be around the 1,618 fibonacci expansion (2320$).
My stoploss would at the price 1670$ as a speculator, but as a long term investor in physically gold, it would be at the price of 1000$.
Disclaimer: This should not be seen as investment advise, i don't take responsibility of any other persons actions, the thing i post i just my personal ideas and should not be seen as anything else, i am not a professional investor, and do not offer investment advises.
Around price 1676$ it saw massive technical support. The technical support where in these 3 types:
- Trendline from previous lows.
- Fibonacci 0,618 based on lows from March 2020.
- Bollingerbands 1000,3 based on 4-hour chart.
After touching these 3 types og technical support, it had a small bounce back to around price 1750$. After that i felt, but this time i made a higher low with around 5$, even considering that the dollar-index rose around 1% during that same period. This priceaction made the pattern of a double-bottom as well.
I think this is a long-term view bottom, based on the technical analasis, but also on the fact that the Dow:Gold ratio at the time is 19,16 (33153$/1730$) and everything over 15 is considered as a buy oppotunity in gold.
How much it think will rise, is hard to say, but my first target would the previous high (2074$) and the second target would be around the 1,618 fibonacci expansion (2320$).
My stoploss would at the price 1670$ as a speculator, but as a long term investor in physically gold, it would be at the price of 1000$.
Disclaimer: This should not be seen as investment advise, i don't take responsibility of any other persons actions, the thing i post i just my personal ideas and should not be seen as anything else, i am not a professional investor, and do not offer investment advises.