There is still hope for the increase. Gold is able to rise to the level of 1251. There are still opportunities to buy. And I believe that this increase. Will be performed.
Decrease weather there is dollar strength or weakness. These long term trendlines from observation continue to act as support and resistance. When gold was in its bull market, price would break a resistance TL then backtest it as support and trade to the next one. Currently in its bear market its in reverse. break support backtest it as resistance, then trade down to the next TL support. Currently around 930. This idea I published last year. press the arrow to the right of the chart and it will refresh the chart to add the current price action. tradingview.com/v/y3hHKNKq/
I totally agree with your analysis, but in the long time frame.
In this analysis, the time frame is short and to the next month.
I think a correction is required until 1241.
And after this. Fall to $ 800
elp
⋅
1241 would be at the upper previious trendline, would not be surprised at all if gold traded back up to it.
maximus71
⋅
Good work for together , mr Zar and Elpuerto!! Thanks to both!
Delliks
⋅
Agreed, it's maybe a rough ride up but there is no reason why it cannot make over the 1200's again with the next 30 40 days.
Meru
⋅
If FOMC is dovish it might not require 30 to 40 days to reach 1213. This is my belief.I could be wrong.