Yeah yeah gold bugs everywhere now. With the current economic uncertainty and the money printing going brrr why not be a gold bug?

Gold (XAU) 

Extremely bullish close last week with a bullish engulfing bar closing above previous highs and making a new all time high. From a macro standpoint, any retrace towards high $2,600's is a buy opportunity.

On shorter timeframes we have now a bearish daily engulfing bar signaling a possible retrace short term. In confluence with our macro analysis, short term's also pointing at around $2,670's.

With not a strong of a weekly close compared to Gold but still bullish, price here also closed with a bullish engulfing bar making new highs. Any retrace toward $32's is a buy opportunity.

+6% profit from small market buy after break and price perfectly hit our target. Short term's also looking like a retrace might be on its way and pointing mid $32's.

Last week we posted this trade idea on our discord channel.

Price reacted quite well, and currently in profit.

-1.8% stop loss hit as we had a clear rejection of our must reclaim area and price simply puked straight down. As for now its looking like it might have found a temporary bottom but there's no rush in jumping in right now. Rather wait for price to reclaim above $595 in order to have more certainty in direction.

Previous report HERE:

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Commodities - Update #12

Gold (XAU) Seems like bulls are back, any retrace toward the green price range is a buy and stop loss at the most recent low. If we do break below this low then we might be in for a bigger retrace. Silver (XAG) - bullish Price has broken bearish market

Zelf TradeLuis Ricardo Guizado

](https://www.zelf.trade/commodities-update-12/)