InTheMoneySignals
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InTheMoneySignals
Gold has traded in an upward price channel since June 2024. This channel's upper and lower bands have acted as support and resistance several times, which reinforces their predictive value.The balance of probabilities suggests that gold could pull back either to the channel's midpoint, which coincides with its 50-day moving average, or to the lower bound of its price channel, which coincides with its 100-day moving average.How are you trading this?
InTheMoneySignals
Historically, gold's 100-day moving average has been a good entry-point for traders and buy-and-hold investors. As you can see from the chart, it's provided support on multiple occasions. If gold is extended relative to its moving averages, you could wait for a pullback to go long. However, you might miss out on further upside, if the precious metal is in a strong bull market.
InTheMoneySignals
Market Trend Analysis:Gold has been in a sustained uptrend, supported by strong momentum and trading above key moving averages (50-day, 100-day, and 200-day SMAs). The price has recently broken decisively above $3,000, a significant psychological level, suggesting further upside potential.Key Technical Indicators:Moving Averages: The price is comfortably above the 50-day SMA (~$2,853), indicating strong bullish momentum.Bollinger Bands: The price is near the upper band, signaling strong momentum but also the potential for a pullback.Price Channel: The price is near the upper band of a parallel channel, which also suggests that a pullback is likely.Long-Term Trade Setup (3-6 Months Horizon):Inside our Telegram channel
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