Has Gold Finally Made the Long Awaited Bullish Turn? $GLD $GDX $NUGT
After almost a decade of waiting, has Gold finally made the turn? Gold has been in a bear market since topping before 2012 and has done noting but CHOPPED everyone up since 2013. As you can see the price has made it back to 2013 levels here over 1300. So where does it go from here?
Gold has made continuous higher lows since the bottom in late 2015. Following this there have been multiple substantial sells that price has absorbed such as Brexit, the Trump Election, and the volatility stretch and spike that occurred last year. Gold was stretch multiple time and held the 1170ish level. This tell me that over this level we should stay bullish. Over 1370 and we should load the ole boat.
Gold specifically likes to get everyone long a certain way then rock the boat to the other side. And the time that 1370 breaks, will be the one time that everyone isn't bullied up on the metal.
What is important here though is that long term gold is trending bullish. You can see the 200 weekly MA is rising and we have made 3 long term higher lows since 2015.
As long as gold stays above here, The Yellow Rock is Bullish!
Published by Hey I'm Snuffles
on
Useful gold TA - cheers mate.
Well i belive that this week the price will fall a bit, but i be carefull about the 1,350 Area, seems that theres alot of bear presure over there!