Still early stages but I feel GoldUSD might be reversing. To be sure, I’m looking for a price target $1736, then a break above. This will complete an INV HNS pattern which is short term bullish with a price target of $1789. However, this hasn’t happened yet so I’ll explain why I expect this reversal.
1) both correction targets were hit, and these targets came from the ascending channel pattern (bear flag).
2) this is inline with my previous predictions and I expected to see a correction from $1920 (or the new all time high, which sadly I didn’t predict, but believe this was due to hyper inflation)
3) RSI showing reversal divergence on the 4hr and a very weak reversal divergence on the daily.
4) price so far has remained in the channel which weakens the double top formation (ignoring the parabolic spike). This is also a bull Flag!!! (Assuming it holds)
5) volume decreasing slightly signifying less trades and potential bearish exhaustion
6) the government and reserve bank suck balls
Why I might be wrong:
1) Double Top formation puts a target at $1580
2) RSI also showing Hidden Bearish Divergence
3) Daily reversal divergence weak
4) vaccination discovery and adoption will drop price of Gold (temporary correction)
Note: I would be more bullish if $1600-$1580 target gets hit. But due to the sizeable correction already, and hyper inflation, perhaps the $1600 target did get hit with a more powerful US dollar (from 5 years ago). Because (according to stats I gathered) the US has printed more US dollars in the last 2 years then in the last 200 years (maybe untrue, but surely explains why bonds now suck, and interest rates have bottomed, and groceries are so damn expensive), then perhaps the retrace end is done, and less people are buying, which is the best time to buy.
Don’t know for sure.
But I would say A buy below $1750 in a time of insane economical uncertainty, and a forever bullish gold market since the dawn of time, is probably worth it.
If you want to be safe, wait for a break above $1800-$1850.
1) both correction targets were hit, and these targets came from the ascending channel pattern (bear flag).
2) this is inline with my previous predictions and I expected to see a correction from $1920 (or the new all time high, which sadly I didn’t predict, but believe this was due to hyper inflation)
3) RSI showing reversal divergence on the 4hr and a very weak reversal divergence on the daily.
4) price so far has remained in the channel which weakens the double top formation (ignoring the parabolic spike). This is also a bull Flag!!! (Assuming it holds)
5) volume decreasing slightly signifying less trades and potential bearish exhaustion
6) the government and reserve bank suck balls
Why I might be wrong:
1) Double Top formation puts a target at $1580
2) RSI also showing Hidden Bearish Divergence
3) Daily reversal divergence weak
4) vaccination discovery and adoption will drop price of Gold (temporary correction)
Note: I would be more bullish if $1600-$1580 target gets hit. But due to the sizeable correction already, and hyper inflation, perhaps the $1600 target did get hit with a more powerful US dollar (from 5 years ago). Because (according to stats I gathered) the US has printed more US dollars in the last 2 years then in the last 200 years (maybe untrue, but surely explains why bonds now suck, and interest rates have bottomed, and groceries are so damn expensive), then perhaps the retrace end is done, and less people are buying, which is the best time to buy.
Don’t know for sure.
But I would say A buy below $1750 in a time of insane economical uncertainty, and a forever bullish gold market since the dawn of time, is probably worth it.
If you want to be safe, wait for a break above $1800-$1850.
