Short-Term Outlook on Gold $XAU $XAUT $PAXG
A month ago, I suggested trimming positions when gold was above 4800-4900 and predicted a pullback to around 4300 or even 4000 bucks.
Those who followed my advice and reduced their exposure at 4800-4900 and patiently waited until now have outperformed 80% of retail traders in the market.
My stance remains unchanged: the international gold price around 4300 is still a great opportunity for bullish plays, and 4000 is another buy zone. Enter in batches over time.
For the medium term, I still see gold in a large range-bound consolidation on the weekly charts.
Gold is likely to consolidate at the bottom for a while before we see a significant rebound on the weekly level.
The strategy for gold was shared a while back in our VIP community; you can check out the post I forwarded.
A month ago, I suggested trimming positions when gold was above 4800-4900 and predicted a pullback to around 4300 or even 4000 bucks.
Those who followed my advice and reduced their exposure at 4800-4900 and patiently waited until now have outperformed 80% of retail traders in the market.
My stance remains unchanged: the international gold price around 4300 is still a great opportunity for bullish plays, and 4000 is another buy zone. Enter in batches over time.
For the medium term, I still see gold in a large range-bound consolidation on the weekly charts.
Gold is likely to consolidate at the bottom for a while before we see a significant rebound on the weekly level.
The strategy for gold was shared a while back in our VIP community; you can check out the post I forwarded.
