Gold's Outlook 5/20
The short term outlook got gold is looking like it is about to flip bullish. You can see below that Gold futures price come down to a long term trending support level marked by the purple linear the bottom of the chart. It looks like the price is lifting off of this support level and heading up to some previous resistance levels marked in yellow. You can expect the price action to get a little choppy on the way up near these weak and strong resistance levels. It will be very bearish if gold turns back to the downside and drops below the long term support level. But in the current macro environment and with golds safe haven status during a bear market I do not see gold going below this level.
When we take a closer look we can see golds pice near a breakout of this 4 hour price channel. Watch for a breakout here.If it does break out then Im considering going long myself.
Remember that gold is a safe haven asset. So if he market starts getting very green then we might see investors leaving gold and going back to socks. So watch for that as well.
$SPDR Dow Jones Industrial Average Trust (DIA.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $VanEck Gold Miners Equity ETF (GDX.US)$ $MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD.US)$ $MICROSECTORS GOLD MINERS 3X LEVERAGED ETN (GDXU.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $ProShares UltraPro QQQ ETF (TQQQ.US)$ $Direxion Daily S&P 500 Bear 3X Shares ETF (SPXS.US)$ $Direxion Daily S&P 500 Bull 3X Shares ETF (SPXL.US)$
$SPDR Dow Jones Industrial Average Trust (DIA.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $VanEck Gold Miners Equity ETF (GDX.US)$ $MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD.US)$ $MICROSECTORS GOLD MINERS 3X LEVERAGED ETN (GDXU.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $ProShares UltraPro QQQ ETF (TQQQ.US)$ $Direxion Daily S&P 500 Bear 3X Shares ETF (SPXS.US)$ $Direxion Daily S&P 500 Bull 3X Shares ETF (SPXL.US)$
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