Bullish Flag Pattern for GOLD this 2020
A bullish flag pattern is spotted for Gold to start the year 2020. The probable upside of this set up is the height of the flag pole which is around 2500-3000 pips. Two buy scenarios can be suggested in this set up. First is to enter buy at the breakout of 1550 level and 2nd is to wait for retracement at 1500 level (SL: 1450, TP: 1750-1800 previous highs of 2012). There is still good momentum in this uptrend since the MACD has just been crossed to the positive zone and the Stochastics is still going up to its overbought level.
In addition, there are two issues that supported the bullish bias of Gold for this year. First is the geopolitical tension after the US airstrike killed an Iranian powerful general that made the gold surge as traders flee for safe-haven asset. Second is the launching of BiGA digital gold on blockchain technology by Turkey’s bank (Takasbank). BiGA is the Turkish short name for 1 gram of gold and will be equivalent to a gram of physical gold stored in the vaults of Turkish stock exchange. This project can actually provoke more bullish interest in gold assets.
Your comments, reactions, wise or otherwise are highly appreciated.
In addition, there are two issues that supported the bullish bias of Gold for this year. First is the geopolitical tension after the US airstrike killed an Iranian powerful general that made the gold surge as traders flee for safe-haven asset. Second is the launching of BiGA digital gold on blockchain technology by Turkey’s bank (Takasbank). BiGA is the Turkish short name for 1 gram of gold and will be equivalent to a gram of physical gold stored in the vaults of Turkish stock exchange. This project can actually provoke more bullish interest in gold assets.
Your comments, reactions, wise or otherwise are highly appreciated.
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