Gold: Just some infos

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Hi Guys,

what's your view on Gold?

Are we at the beginning of an uptrend like the one started in 2008 following the Global Financial Crisis or
are we at the top already?

Please leave a comment and a thumb up if you like the structure.

Thank you for your support and for sharing your ideas.

Be good!😉
Cozzamara

Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.

IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.

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By adding the RSI(14) interesting to note how a similar peak to the one just made in 2020 was formed by the indicator back in 2008 in between Bear Stearns and Lehman Brothers

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Adding a 9 period SMA and circling areas with movements similarities

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Important to note that the three movements in the circled areas becomes all corrections when crossing the 9 period SMA

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Now I need to find some instruments that help in determining if the bottom of the 3rd correction is in place or is still to come. By looking at the RSI I'd expect a bottom to be formed on the equilibrium level of the indicator as it happened in 2008 before the bull run but it's only my expectation. Instead, at the top of the uptrend, the RSI supported the end of the correction well above its equilibrium level.

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I had the idea of adding the Stochastic by looking at the idea of @TraderRadeau

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To call for a bottom of the correction with no cross on the Stochastic on this timeframe is premature in my opinion even though its pushing into a supportive area from which it is bouncing on the 4H chart.

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But a pullback into the 9SMA from the lower band of the bollinger cannot be ruled out