After seeing alot of people preaching shorts in the chatroom, I decided to publish this chart.
Considering the analysis we have on UJ and GU, the correlation will most likely be kicking in and cause a rally up in gold aswell.
We see gold prices trading in a ascending channel, which defines the major and long term trend.
We have a minor trendline by connecting the highs of the pullback and simply extending them onwards
Once price breaks the minor trendline, we are set for a rally up in the direction of the long term and major uptrend.
Potential profit targets will be the fibonacci retracements plotted on the chart.
Simple does it.
Thank you for reading our analysis and please dont forget to like the chart.
Happy trading and God bless
Considering the analysis we have on UJ and GU, the correlation will most likely be kicking in and cause a rally up in gold aswell.
We see gold prices trading in a ascending channel, which defines the major and long term trend.
We have a minor trendline by connecting the highs of the pullback and simply extending them onwards
Once price breaks the minor trendline, we are set for a rally up in the direction of the long term and major uptrend.
Potential profit targets will be the fibonacci retracements plotted on the chart.
Simple does it.
Thank you for reading our analysis and please dont forget to like the chart.
Happy trading and God bless
