There is what looks to be a nice upside move setting up for gold. I want to share some simple technical analysis to make a case for why gold looks bullish and how to participate. The analysis here will be centered around two different timeframes: weekly and daily.
There are three different perspectives when looking at gold as an investment, short-term, mid-term, and long-term.
- If you are a long-term investor (years), you might want to start accumulating in this area. Use a stop under the December 2017 low of 1,236.
- In an intermediate term (months), buy some in this current area and then add to a breakout above the 2018 high of 1,366.06.
- In a shorter-term momentum trader (weeks) then wait for confirmation that a higher high is made above the rising 200-day moving average. A move above the 1,366.06 high would be confirmation of the higher high.
Whatever way you decide to get involved in gold, or if you don’t get involved at all, I encourage you to do your own research and use this information as part of your decision-making process. Trade well and manage risk!
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