Gold: now is time to go higher
The bullish fundamentals plus clear cup and handle on weekly chart suggest a bullish outlook for gold.
In this context, multiple factors suggest that now is a good time from opening a long position:
1. price bounced from daily 200MA and from support trendline
2. stochastic over sold, rsi turning upward
3. price action around the zone 1850-1860, which seems to have not the strenght for pushing down the price
4. Elliott count shows that the ABC correction ( the handle of the cup) is done and now a new uptrend started
I will be glad to receive any comment\feedback since i am a novice in trading ;)
In this context, multiple factors suggest that now is a good time from opening a long position:
1. price bounced from daily 200MA and from support trendline
2. stochastic over sold, rsi turning upward
3. price action around the zone 1850-1860, which seems to have not the strenght for pushing down the price
4. Elliott count shows that the ABC correction ( the handle of the cup) is done and now a new uptrend started
I will be glad to receive any comment\feedback since i am a novice in trading ;)
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