3 horizontal levels marked on chart
- 1555 weekly support/resistance relevant for the last 10 years as seen on chart
- 1790-1800 weekly support/resistance relevant for the last 10 years as seen on chart
- 1920 highest level of all time, target price for now if we close a weekly candle above 1790-1800 resistance.
Also, triangle pattern between June 13-June 19 - breakout UP June 19.
The breakout above the triangle is what started the huge $500 rally so far.
At the moment we are very close to testing the 1790-1800 support/resistance - weekly close above 1790-1800 will target a swift movement towards 1920.
A drop below 1790-1800 will target 1680 support in the short-mid term and may even test as low as 1555 weekly support/resistance. Would be an identical move to what we've seen 2011.
On the fundamental point of view, Gold is a safe haven.
Right now there is a lot of uncertainty - which will push Gold.
There is also the option of Gold price dropping together with the equity markets (stocks) - as there will be a ton of margin calls and therefor people will be selling Gold to cover for margin calls. But it's a very temporary situation where Gold will for sure recover back up following (as seen march 2020).
Long story short,
Gold is very close to a critical level, meaning - big movement up coming or big movement down, depending on behavior around 1800.
NFP on Thursday will likely be the necessary trigger for the movement.
On a personal note - good chance for breaking 1800.
- 1555 weekly support/resistance relevant for the last 10 years as seen on chart
- 1790-1800 weekly support/resistance relevant for the last 10 years as seen on chart
- 1920 highest level of all time, target price for now if we close a weekly candle above 1790-1800 resistance.
Also, triangle pattern between June 13-June 19 - breakout UP June 19.
The breakout above the triangle is what started the huge $500 rally so far.
At the moment we are very close to testing the 1790-1800 support/resistance - weekly close above 1790-1800 will target a swift movement towards 1920.
A drop below 1790-1800 will target 1680 support in the short-mid term and may even test as low as 1555 weekly support/resistance. Would be an identical move to what we've seen 2011.
On the fundamental point of view, Gold is a safe haven.
Right now there is a lot of uncertainty - which will push Gold.
There is also the option of Gold price dropping together with the equity markets (stocks) - as there will be a ton of margin calls and therefor people will be selling Gold to cover for margin calls. But it's a very temporary situation where Gold will for sure recover back up following (as seen march 2020).
Long story short,
Gold is very close to a critical level, meaning - big movement up coming or big movement down, depending on behavior around 1800.
NFP on Thursday will likely be the necessary trigger for the movement.
On a personal note - good chance for breaking 1800.
Comment:
Check the new Gold update from 8/4/2022 , my big picture view of Gold has proven to be accurate and expectation up was breached significantly with 1920 turning into 2080 within just weeks!