Gold Rush: Riding the Bull Trend With Support Levels and Profit Targets
2023.04.14 06:10
remains in a 5-month bull trend & so buying at support levels is a working strategy. Yesterday we held 2 points above minor support at 2010/07 keeping bulls in control for my next targets of 2030/31 & & 2047/50. A high for the day exactly here in fact.
Just be aware that gold is severely overbought & testing an upward sloping 4-week trend line 2050/53. So this is minor resistance for today. A downside correction is always possible to ease overbought conditions but shorts are very risky in a strong bull trend.
Further gains can retest all-time high at 2069/72.
Today’s first support at 2032/2029. Longs need stops below 2024. Very strong support at 2008/2003. Longs need stops below 2000.
Silver as been in a strong bull trend for 5 weeks with the break above 2525 (as predicted this week) to target 2690/2700 (we reached 2606 as I write) & 2730/35. Worth holding those longs in silver through April I believe. Already we have seen a huge profit on the 200 point gains in less than 2 weeks.
Downside is expected to be limited again today with first support at 2570/50. Longs need stops below 2530.
(May) breaks above 8200 for a buy signal as expected & kindly dipped back to retest the break point at 8200 to give us a buying opportunity. We should shoot straight to resistance at 500 & 200 day moving averages at 8380/8430 (which actually was yesterday’s high for the day). A break above 8430 is the next buy signal.
However, failure to beat resistance at 500 & 200-day moving averages at 8380/8430 (in overbought conditions as we did yesterday) risks a slide to a buying opportunity at 8200/8160. Longs need stops below 8120.
