Gold Forecast (April 7, 2021): Current trading positions

Ok! The view remains the same: Gold price is in the process of creating a Double bottom pattern. The 1678 is the medium-term bottom zone and Gold will slowly crawl up. SELL positions at this time are just for small win, short SL and TP, ready to run at any time (no hold). Big win will be a BUY that we can hold for long-term profits.


Current situation

Dxy

The USD is still in an uptrend. And it just has an adjustment.

When the very good Nonfarm news came out, the USD fell immediately. That means news already impacted the price.


US10Y

US 10-Year Bond Yield: There are signals that it will break the trend and approach the 1600.


US10Y has more inverse correlation to Gold than DXY. When it is at bottom, Gold will be at peak. And when it rises, the gold will decrease continuously.


Gold

Strong SELL zone: 177x (Convergence of the downrend + Resistance). For me, this is the basis of a wave. That means the possibility to win over 100 pips is high. So we have to trade safely.


Short SELL zone: 175x.


The zone where both Long and Short BUY is ok: 172x.


Personal opinion

Again: You should only enter an order where the probability of winning is so high that you are willing to trade with your money. Most of the time we sit and do nothing, just wait.

The probability of Gold falling below 1700 or falling deep to 167x is low. This is my personal opinion, and for now I'm betting on that.