Gold Forms a Bull Flag With Upper Trendline at $1957/59: What Lies Ahead?

07/19/2023

2 minutes read

2023.07.19 06:02

Jason Sen

hit my buying opportunity at 1952/48 with a bounce from 1945. Then we wrote: Looks like we are forming a bull flag with upper trend line at 1957/59 so a break above 1960 should be a buy signal for today targeting 1970/1973. Above here look for 1981/83.

There has been no excuse to miss buying Gold from the 1930/35 area (which I also posted in last week’s video and then again at 1952/48. Even buying on the break above 1960 was suggested yesterday.

I have made it very clear exactly when to enter throughout the last week & finally we hit my targets of 1970/73 & 1981/83. If you had run longs from my first buying opportunity at 1935/30 you have a full 2.5% move in Gold & the $50 move for a huge profit.

We are overbought at this stage so I have taken profits at 1983 & I will see if there is a downside correction for another buying opportunity.

Strong support at 1968/63 for today’s buying opportunity with stop below 1959.

Gold Chart

hit strong resistance at 156.20/40. A high for the day exactly here yesterday. I would lower the sell level to 156.10/30 if you are not already short from yesterday – Shorts need stops above 156.45.

We can try a long again at strong support at 153.60/40 this week with stop below 153.20.

broke support at 6320/10 but should find a better buying opportunity at 6280/60.

NZD Chart

strong resistance at 1.3260/80 (not quite there yet). Shorts need stops above 1.3300. A break above 1.3300 is an important buy signal for this week.

we wrote: break above 1.1250 should be a buy signal for today targeting 1.1275.

A high for the day exactly here.

I think there is a good chance of a small downside correction & if you want to try a short you can stop above 1.1285. Now it could be worth the risk with a potential target of 1.1140/20, which should also be a good buying opportunity.

EUR/USD Chart