TheAnonymousBanker

GOLD: Daily Analysis |Bullish Pattern|

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
There are many considerations that can be made about Gold, and today we share some of them.
In this geopolitical and economic context, Gold is an important pawn on the chessboard. If we want to understand where the price could go in the coming months, we need to understand why we got this far today (as I write the Spot price is 1925).

πŸ’‘ What is really supporting prices well?
The answer is very simple, operators have many doubts and uncertainties, so they buy gold, especially as long as US 10Y remains bullish:
(Click on Analysis below)

πŸ’² The US Dollar is also important in this game, and in the coming months it could even surprise us...:
(Click on Analysis below)


πŸ“ˆ Technical Analysis
Having said this, from a technical point of view, if we look at daily chart, we do not exclude a bullish harmonic structure with an interesting potential target around 2000.

πŸ” Risk Management:
As we showed in our latest intraday analysis, we went Long the last bearish leg on 1H chart, so it will only be necessary to move stop loss to B/E:
(Click on Setup below)

πŸ”΄ What could cause this to fail?
What could cause this to fail?
The FED's interest rate decision and inflation data are expected next week, these events could actually change this scenario.

In conclusion, even if this analysis will be correct, the path will be long and full of obstacles, so it will always be necessary to look for intraday supports and potential Reversal Patterns on small time frame every day.

Thanks for your attention.

Trade with care
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Comment:
πŸ“ˆ Intraday Analysis (1H chart):
Comment:
πŸ“Š From a technical point of view, we see no changes on daily time frames and our structure is still valid. At the same time, we are approaching an important resistance area that could form an inverted (bearish) harmonic structure, so it could also be correct to take part of profit here (we have already moved stop loss to BE on Friday). From our point of view there are not yet the conditions to think about adding long positions, at least until the harmonic risk is destroyed.

Trade closed: target reached:
βœ… Target 1 hit:
Comment:
πŸ“Š Daily Resistance Area:

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Analysis made with πŸ’
By Anonymous Banker
A TradingView Fan since 2015
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