Gold uptrend still intact
Updated
Quick summary
Bullish reasons (charts):
1. Multi decade uptrend within a channel
- currently under reversion to mean
2. Cup completed now forming a handle.
- retracement since a year long uptrend (impulsive)
3. Descending wedge is about to be broken.
4. retest of multi year resistance at 1800 (perfect psychological number) turned support.
Bullish reasons (fundamentals):
1.
- dying global reserve currency (80 year cycles of global reserve currencies coming to an end for the dollar).
- fed is printing dollars to infinity
- the dollar is a sacrificial lamb
- inflation is underway (20% of dollars since 1944 is printed in 2020 alone)
2. more uncetainties underway in the next few years.
- covid 20 is probable using the spanish flu as a case study.
- stocks are overvalued. zombie companies run amock.
Bullish reasons (charts):
1. Multi decade uptrend within a channel
- currently under reversion to mean
2. Cup completed now forming a handle.
- retracement since a year long uptrend (impulsive)
3. Descending wedge is about to be broken.
4. retest of multi year resistance at 1800 (perfect psychological number) turned support.
Bullish reasons (fundamentals):
1.
- dying global reserve currency (80 year cycles of global reserve currencies coming to an end for the dollar).
- fed is printing dollars to infinity
- the dollar is a sacrificial lamb
- inflation is underway (20% of dollars since 1944 is printed in 2020 alone)
2. more uncetainties underway in the next few years.
- covid 20 is probable using the spanish flu as a case study.
- stocks are overvalued. zombie companies run amock.
Note
Tight stop at 1780Note
Stopped out and re-entered at 1779
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.