There are multiple popular opinions in the market regarding the possible movement of Gold in the next few days. A few have the opinion that in order to rest the gold back to peace and major demand zones, Russia must liquidate a few of its gold assets otherwise the inflation demands gold price hit $3000/ Ounce.
Now the question is, is Russia the only country with gold holdings in the entire world? Also with the recent victory of USD everywhere in the market, how soon should you expect it starts to impact Gold too? If you ask me, we are already witnessing metals taking a hit. Silver already pounding <23 and Gold is also not supporting the bulls at the moment. No part of the picture on gold supports the argument that Gold should head up and make it to $3000/ Ounce. That is very unlikely at the moment. What is more likely to happen in the next few weeks is the possibility of Gold heading back to 1700s.
The technical aspects of my analysis in supporting the highly probable bearish movement on gold are as follow:
1- Most recent weekly lower trendline broken
2- A huge shooting start on monthly candle of March 2022 and April monthly candle is also supporting the bears
That is enough evidence to reject the idea of $3000/ Ounce at the moment. Once you see a bullish reversal on some reasonable frame that actually predicts the long term trend, I will publish about buying gold myself.
Now the question is, is Russia the only country with gold holdings in the entire world? Also with the recent victory of USD everywhere in the market, how soon should you expect it starts to impact Gold too? If you ask me, we are already witnessing metals taking a hit. Silver already pounding <23 and Gold is also not supporting the bulls at the moment. No part of the picture on gold supports the argument that Gold should head up and make it to $3000/ Ounce. That is very unlikely at the moment. What is more likely to happen in the next few weeks is the possibility of Gold heading back to 1700s.
The technical aspects of my analysis in supporting the highly probable bearish movement on gold are as follow:
1- Most recent weekly lower trendline broken
2- A huge shooting start on monthly candle of March 2022 and April monthly candle is also supporting the bears
That is enough evidence to reject the idea of $3000/ Ounce at the moment. Once you see a bullish reversal on some reasonable frame that actually predicts the long term trend, I will publish about buying gold myself.
