Welcome to my new analysis about GOLD on several timeframe perspectives. Since the war economy developments established in the recent year 2022 investors in the market are becoming much more fearful because of recession, inflation, stagflation, supply-chain disruptions and other factors that have changed the whole global financial markets into a market where investors are primarily looking to hedge against further uncertainty factors. Besides, that a implementation of a gold-backed currency-sytem is going to have massive effect not only on the gold-price-action, but also other price-driving-indications.
As when considering the price-action GOLD has important lower support-zones in which it already bounced several times especially with the descending-support-level this is a major level from where a bounce is likely if not further supply and bearishness invalidates this level as a support. If a bounce from here on shows up with a implementation of a gold-backed currency-system in an even medium-sized economy this is going to convert the gold price into a pump near the all-time-high region. Then, it will be highly necessary that the gold-price also stays in this area and continues with the necessary momentum.
Within the whole bigger global picture GOLD is building a much more momentous formation here as it is still within the Millenial-Cup-Handle-Formation and an initial completion of the local formation will be one step in the bigger picture of the completion of the final MIllenial-Cup-Handle-Formation. It has to be mentioned that the investors who are hedging against major recession, inflation, stagnation, and demand gap developments are holding the open interest here, this could change if a major gold-backed currenc-system implementation should reverse into the other direction.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
Comment
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ANALYSIS UPDATE: GOLD is approaching important price-levels from where a substantial bullish base is likely.
GOLD increases the open interest smart money demand more and more in the recent times aiming for a huge range breakout to follow.
Nicely explained with the video, I recently studied, and was expecting a cyphe pattern in making, do check and post your comment,
sma668500
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below 1953 bearish,Personally, I am waiting for 1860 and even 1780
yogesharora2409
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@sma668500, 1960 is the level, where bearish view is not valid, i still have my view as bearish ,
sma668500
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@yogesharora2409 yes ofcourse you are right, it can even extend up to 1987, but I think the weekly close should be below 1953, in which case we will have a bearish candle with a shadow of $30 and more,otherwise, the breakup and consolidation above1953 will allow it to grow until 2060.1953 has done his duty this week 1915 and even one more target 1895.i think we'd better to monitor market reaction on cpi news this week and also106.6 in dxy.Although I think above 105 finally ends to 110.3 and gold will fall to 1780.
Nice to hear an informed opinion! Looks reasonable.
Solldy
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The chart is pretty good, as is the idea in general. But the risks are quite high right now. I wonder what your risk-management strategy is for this trade?
VincePrince
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What are your ideas about GOLD? Post your comments, questions, and ideas here.