Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

August 16, 2021

This Precious Metal Made Four Straight Days Of Gains

Frank Cabibi

8/16/2021

Gold continues to push higher amid the concerns of the delta variant and investors try to turn to the safe haven asset. China and Australia are struggling with virus outbreaks and shutdowns as economists fear another wave of potential lockdowns around the world.

Our outlook

I have been bullish gold for months now although the performance hasn't been great overall. Shutdowns are hard on a country's economy which is what will be the bullish catalyst in the short term. However, I think gold will be worth much more in the longer term as inflation keeps rising and interest rates remain low. Although lockdowns will help gold rise, I don't think that will happen again in the US as over 50% of citizens are vaccinated. So, the long term behavior is more important to me right now. I think that gold could definitely climb back to $2,000 in a year. In the short term, here is what I see:

Trade Setups

$1,789 is a clear resistance level on the 1D chart, so price will likely test that level and have the potential to retrace after four days of green. A retrace could send price down to support around $1,750, while a push above resistance could take price up to the falling trend around $1,802. Something to watch is that the 50-day has crossed back under the 200-day moving average which signals a death cross, a bearish technical signal. A triple top at $1,830 will possibly be the biggest resistance level to cross above for the metal.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More
A USD Surge Is Coming

It is likely we see a USD surge in the near future as we get closer to the Fed meeting in March. Bond yields hit yearly highs this morning as the dollar begins to look stronger. A prominent "risk-off" attitude in the markets is showing now, and it looks like investors will be getting out […]

Read More
Bitcoin About To Catch Big Upside

Bitcoin has been vastly oversold due to the fact of regulation concerns from the US government wanting to make a more controlled market just like stocks. For over 2 months, the crypto has fallen nearly 42% from the highs in November, but it looks like it has found a bottom in the $39Ks. Why Bitcoin […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram