Gold's both Fundamental and Technical analysis

Fundamental analysis: Emerging markets, Russia in particular are amassing Gold in their foreign exchange reserves and Russia has been actively dumping Treasuries as have several other nations. The USD is clearly losing some of its appeal among foreign nations and some Investors may have been looking towards Bitcoin as a safe-haven Trade will now rotate into Gold as that the cryptocurrency has lost some of its shine (lot’s of times they were used as safe-haven but they always crash at the end) and Investors once again continue Buying and keeping the only safe-haven which is legit and #100% secure / much confidence - precious metal such as Gold. The futures market still control the Price of Gold in defiance of Fundamentals but it is whether unknown how long this state will continue. The past #2-Month period have not been wildly Profitable for Gold’s Sellers as Price-action have delivered nothing but steady uptrend over the period (with couple brief downswings) as Price-action is comfortably Trading near #2,000.80 psychological benchmark. There are no signs that Price of Gold could decline even further, at least for the Short-term. As I can state with certainty, the Price of Gold has more or less steadily soared over the #60-session period, delivering a period of strength due renewed recession fears. Furthermore, I have to point out that this will ultimately clear out most of the Sellers of the market and pave the way for Bull’s advance. While there are some reasons to believe that this is correct from a Technical perspective, there are also Fundamentals reactors exerting positive influence on Gold prices. The Fed was out or control at when It’s debt load was around #80 billion Dollars and the Congress had no clue how to save money or budget a probable future of USD. Also Central Bankers accommodate Congress with artificially Low rates. What is expected (my estimations) at ending of summer of #2023 is Gold to not Trade more than #2,052.80 per ounce followed with sharp take-down as I will be ready to utilize it. Many aspects fired up Gold’s Price-action price of Gold, usually they are connected to US Federal reserves. Investors for USD will disappear and Investors for more riskier assets will be trying to liquidate everything they got but they will may not succeed because they will not find Buyers. According to #1,987 Year cycle, some assets had no bids and now similar sequence will follow, lots or assets will not not bids and Naturally, fear sets in and cause Investors to panic and everybody will start investing in Gold to protect their savings and capital. Fed Rate events (which Traditionally put Gold under pressure) will follow and US Dollar which was pretty strong (above #20-Year High’s lately) was damaging the US economy and it was manually Lowered, Naturally Gold took advantage of that and soared towards current High’s. US Treasuries will crack and then Gold will start taking off. One more thing, Dollar can't crash alone, other currencies will follow also with ever-growing Inflation, Investors are Buying physical Gold since real money sometimes loses value in such circumstances as Investors aim is to preserve their capital. It is natural to expect current system to have enormous faults since paper is being printed without coverage which may lead to collapse.


Technical analysis: Gold has formed one narrow and one wider Ascending Channel on the Hourly 4 and Daily chart. Since Price-action broke above the #1,970.80 first Resistance with force (and comfortably Trading above it), the Hourly 4 chart’s reversal crossed into a Bullish territory, and with Bond Yields on a downtrend (struggling to make Bullish comeback for more than #2-session horizon), Buyers re-appeared as Gold entered the Bullish formation (Bullish Pennant), with #1,991.80 - #2,000.80 as an ultimate Top zone. On the other hand, Buying response was expected regardless as Price-action broken the upper Bollinger bands line (last time such scenario occurred is on the September #23 fractal). As such any pullback towards the #1,991.80 Resistance and apparent rejection remains an additional Selling opportunity. Unless the strong Support breaks (#1,967.80), Bullish sentiment remains intact however personally, break of #1,967.80 Support could arise Sellers which could fill #1,952.80 psychological barrier on Intra-day basis.


My position: My set of Medium-term Buying orders are in decent Profits as I took additional risk (due my recent successful Trading results) and engaged new Buying order with #1,976.80 as my entry point (Targeting #2,000.80 psychological benchmark). #1,967.80 break negates Bullish Short-term potential. If you are using Buying the dips strategy which I highlighted many times on my recent comments and following my setups, your capital should be greatly increased.