Preferred direction: BUY
Comment: Metals continue to be among the top gainers, with gold trading at all-time highs. Such aggressive growth was caused by market participants who like to “catch the maximum”, i.e. find that very “filigree” point for a downward turn (in this case). Firstly, these are retail traders, but also various funds have begun to gain short-term and medium-term shorts, arguing that gold is heavily overbought. This, in turn, allowed larger participants to buy back these sales, and, as a result, a new historical maximum for the metal was recorded.
Today, gold maintains its bullish potential, although there may be a slight drawdown in the short term. A price rollback towards the levels of 2120 and 2100 is unlikely. It is important to consider two scenarios in terms of long-deals. Both scenarios are presented on the chart, where the scenario №1 assumes a maximum increase from current prices. Here we are clearly tied to the level of 2150, from which the price has already bounced several times, which tells us that there is a limit buyer. However, no one ruled out breaking this level and trying to extend the fall below. This is where the scenario №2, designed to create a false downward movement, comes in handy. After the price closes again above the 2150 level, we can expect the same growth as in the scenario №1. The growth target is currently pegged at the levels of 2200 and 2220.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: Metals continue to be among the top gainers, with gold trading at all-time highs. Such aggressive growth was caused by market participants who like to “catch the maximum”, i.e. find that very “filigree” point for a downward turn (in this case). Firstly, these are retail traders, but also various funds have begun to gain short-term and medium-term shorts, arguing that gold is heavily overbought. This, in turn, allowed larger participants to buy back these sales, and, as a result, a new historical maximum for the metal was recorded.
Today, gold maintains its bullish potential, although there may be a slight drawdown in the short term. A price rollback towards the levels of 2120 and 2100 is unlikely. It is important to consider two scenarios in terms of long-deals. Both scenarios are presented on the chart, where the scenario №1 assumes a maximum increase from current prices. Here we are clearly tied to the level of 2150, from which the price has already bounced several times, which tells us that there is a limit buyer. However, no one ruled out breaking this level and trying to extend the fall below. This is where the scenario №2, designed to create a false downward movement, comes in handy. After the price closes again above the 2150 level, we can expect the same growth as in the scenario №1. The growth target is currently pegged at the levels of 2200 and 2220.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for boost and share your views!
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