Gold price is widely followed in financial markets around the world.
Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a fiat currency system in which paper money doesn’t have an implied backing with any physical form of monetization.
AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
Our Proprietary Trading System indicates the following for GOLD:
The Primary Trend (PT) given by the Global Monthly TIME BAR (GMTB) is currently Bullish
The Secondary Trend (ST), given by the Global Weekly TIME BAR (GWTB) is currently Bullish
The Medium Term Trend (MTT), given by the Global Daily TIME BAR (GDTB) is currently Bearish
The Short Term Trend (STT), given by the Global Four Hour TIME BAR (GFHTB) is currently Bearish
Gold fail to hold above $1400 and hence we could see a deeper pullback.
In light of the above trend analysis we will execute a bearish trade on GOLD.
This is a high risk trade due to the bullish market structure on the higher timeframe we might see buyers coming in at any time.
Global Entry Signal For Trade #1: Sell @ 1392.59
Global Trailing Stop Loss Trade #1: @ 1429.59
Global Target Profit Trade #1 : @ 999.04
Global Trade Management Strategy: We applied the Global Trailing Stop System for Global Trading Strategy #3.
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