- Gold soars as the Dollar continues to drop in value.
- Daily and weekly outlooks show bulls are in control.
- Trade ideas.
Gold has soared lately as the Dollar continues to lose its value. Gold bulls are now targeting the 2022 high of $2,078.8. That high was set in the month of March last year, and the chart formed a significant double top that short sellers could take advantage of.
I have shown two charts below. The first is the daily chart showing the 2022 high. The second is the weekly chart showing the 2022 high and the all-time high made in August 2020. This is definitely the target for bulls at the moment, and it would be a hard task for bears to decouple the recent price action.
At the moment, there is no bearish setup, and traders could consider ignoring all short trades on their shorter-term strategies. Bulls have a clear target of the 2022 high, which leaves room for another 4.4% rally. All-time high Gold will be interesting to see and appears to be a likely outcome this year.