Since extreme bullish flag happened due to geopolitics issues last month, the gold’s pattern seems more confident to repeat the previous path while the similar bullish flag happened on March 2023 due to Bank rush tragedy.
The only way to translate about the chart movement is by assuming “what’s happening in the market right now?”. Well, I believe there are few basic components that we should use to measure the situation, where as :
1. Price range’s structures.
As we have seen, since pandemic until current situation the price’s ranging structure become more often spotted over 1900$ to 2000$.
2. Market psychology
So then due to more often price’s range structure directed UP TREND, there are two psychological on investment’s field such as GOLD that dominated the market, which is : Fear Of Moving Out (FOMO) and Fear At The Top (FATT). For our current subject here we can say that the FATT’s level situation was degraded by itself due to extreme ranging above 2000$. (FOMO become more dominant rather than FATT).
3. Price action
However, we should’ve Admit that nowadays people have more alternative fields to save their yield other than in form of GOLD. We can say it, there are “easy buy stocks”, “crypto” and some other more. I believe that is one of the reason why the Gold’s price didn’t FLY double it range like happened on year 2008 due to subprime mortgage’s crisis.
On what has been described above, YES I’m pretty sure that the trend on GOLD’s market will more often reject the DOWN direction and will aggressively try to hit the HIGHEST HIGH until few months ahead. (What’s more, it’s welcomed by the Fed’s interest rate adjustment plan)
The only way to translate about the chart movement is by assuming “what’s happening in the market right now?”. Well, I believe there are few basic components that we should use to measure the situation, where as :
1. Price range’s structures.
As we have seen, since pandemic until current situation the price’s ranging structure become more often spotted over 1900$ to 2000$.
2. Market psychology
So then due to more often price’s range structure directed UP TREND, there are two psychological on investment’s field such as GOLD that dominated the market, which is : Fear Of Moving Out (FOMO) and Fear At The Top (FATT). For our current subject here we can say that the FATT’s level situation was degraded by itself due to extreme ranging above 2000$. (FOMO become more dominant rather than FATT).
3. Price action
However, we should’ve Admit that nowadays people have more alternative fields to save their yield other than in form of GOLD. We can say it, there are “easy buy stocks”, “crypto” and some other more. I believe that is one of the reason why the Gold’s price didn’t FLY double it range like happened on year 2008 due to subprime mortgage’s crisis.
On what has been described above, YES I’m pretty sure that the trend on GOLD’s market will more often reject the DOWN direction and will aggressively try to hit the HIGHEST HIGH until few months ahead. (What’s more, it’s welcomed by the Fed’s interest rate adjustment plan)