Gold has broken above the February 2 high of $4800 on the back of the two-week deadline extension announced by US President Donald Trump and confirmed by Iranian officials, cementing its shift towards behaving more like a risk asset than a haven.
With the details of this extension looking far more promising than previous efforts, the latest revival in risk appetite may have legs, keeping upside levels in focus for bullion.
If the price manages to hold above $4800, longs could be set with a tight stop below for protection. Overhead targets to consider include $4850, the mid-February low that later flipped to resistance in mid-March, along with $4975.
Given how fast the bullish breakout has occurred, it would be preferable to see a backtest and bounce from $4800 before considering entry.
RSI (14) and MACD complement the bullish price action, with the former trending higher but not yet overbought, while the latter has confirmed a bullish crossover of the signal line.
The broader message therefore favours a bullish bias, placing a preference for buying dips and bullish breakouts.
Good luck!
DS
With the details of this extension looking far more promising than previous efforts, the latest revival in risk appetite may have legs, keeping upside levels in focus for bullion.
If the price manages to hold above $4800, longs could be set with a tight stop below for protection. Overhead targets to consider include $4850, the mid-February low that later flipped to resistance in mid-March, along with $4975.
Given how fast the bullish breakout has occurred, it would be preferable to see a backtest and bounce from $4800 before considering entry.
RSI (14) and MACD complement the bullish price action, with the former trending higher but not yet overbought, while the latter has confirmed a bullish crossover of the signal line.
The broader message therefore favours a bullish bias, placing a preference for buying dips and bullish breakouts.
Good luck!
DS
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.