Do I hear a $2,000, a $ 2,000 for the gold? Going once, going twice...sold?
The big money question is -will Gold finally hit the $2,000 mark this week?
On Friday, it closed above the critical barrier of $1, 911 – a confluence of 21 day moving average (DMA) and falling trendline resistance – causing a falling wedge breakdown. The falling wedge is a bullish pattern that starts off wide at the top and contracts as the prices move lower.
A classic falling wedge breakdown was seen on the daily chart – but what’s critical is for a break above 50 DMA resistance at $1,939.50 to be achieved to maintain upside.
As the resurgence of the Coronavirus is spreading around the world, this might cheer on the bulls for gold.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-