I've started to build up positions in gold last week, since I'm VERY bullish in the mid and long term (not due to technical but more due to fundamental reasons). However, from a technical point of view I'd like to see prices of at least 1500 first. Based on the most important retracements traders usually use we might even go a bit lower to around 1430ish (38%) and 1300 (50%, wouldn't expect that to happen). Will buy more at these levels.
Let's have a quick look at the past developments timing-wise. We had 3 years of a bull market followed by a 1 year consolidation. Afterwards we saw the same picture again. I wouldn't be surprised if the consolidation is soon over and history repeats itself again...
Let's have a quick look at the past developments timing-wise. We had 3 years of a bull market followed by a 1 year consolidation. Afterwards we saw the same picture again. I wouldn't be surprised if the consolidation is soon over and history repeats itself again...
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