Gold Forecast (April 12, 2021): Still wait to BUY with 2 scenari

Nothing has happened yet! Not Break Out to successfully create a 2 Double bottom pattern. And there is no sign of a big fall for us to calculate step-by-step the upcoming plan.

Those who hold BUY positions in the lower zone just continue to hold. Nothing to worry. Those who don’t have any positions will wait to BUY. Currently, no SELL.

Market overview

US10Y

There is likely a bounce back of the 10-year US bond yields. It’s a little bit tough for Gold. But with the uptrend plus the Support zone, I must give the bullish forecast.


DXY

There have been signs of rebound of the USD.


So: Both two things which have an influence on Gold get a high Bullish possibility. This would make Gold suffer a bearish pressure.

2 scenarios for Gold

Scenario 1: Sideways (Probability 60%)

It is also not surprising that the price will go sideways in a range from 171x to 175x. Accumulate and wait for the rising time, not falling deep anymore.


Scenario 2: Bounce back and increase (Probability 40%)

It’ll test somewhere at the 172x - 173x then increase to 177x - 178x.


Discussion

Mostly, I still believe that Gold’ll create the medium-term bottom at the 167x. It’ll complete the Double bottom pattern, slowly crawl up and back to the long-term uptrend. Only when the price collapses sharply, plummets from the 167x zone, I will consider closing all of the BUY positions and reviewing the whole market.

With the scenario (1) and (2), my decision is still to wait for BUY. And if you can BUY, then hold it because this is a long BUY. BUY - Hold and Go To The Moon.

You are reading a subjective analysis article of the one who has been holding Buy positions. So I long for the BUY!!!