Lingrid

GOLD false breakout of RESISTANCE level and FALL

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As we expected at the beginning of this week, the price completed its growth and reversed its decline.

After the price touched the call support 1675.91 for the second time at the end of March. It grew, during the growth it was able to break through the support line 1741.46. After that, it fixed on this line, rose to the resistance level of 1763.79 and even broke through it. However, the resistance line of August 2020 - 1776.26 also passes near the level. And the price stopped growing.

Now it has moved down from the line, came back to the resistance level , and I expect that after that the price will continue to fall and come to the support zone 1688.69. This will be our goal.

Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻

Comments

Nicely done...

I like the part that you are bringing in the historical data to back your analysis. I believe this is the last drop before we see rally in Gold.

Key factors that are going to result in the dip apart from the technical analysis are:

1. Treasury yeilds will kick back in and go to the rise. This happens as the investors feel more confident. The bonds on contrary will drop which is a safe bet in detoriorating economy.

2. Gold breaking 1800 barrier reflects Biden's failure to help regain the investor's confidence and the economy back to recovery.

With 3 trillion floated in the market, failure to reverse the economy will affect his reputation. The marker maker's wouldnt want that to happen.

3. Stocks are performing well. Way better than any forecast... Gold usually performs inversely... Unless and until we are affected by Covid wave 4, or inflation comes to play we do not expect much soaring in Gold prices.
+7 Reply
@cetradingdx, This has nothing to do with fundamental analysis. These market prices were created prior to Data and fundamentals.. They are just reflections of it, not the actual base of the movement. All market price is a correlation to human psychology but the sheep or dump money is always too late. Reason for market spreads and Tokyo session.
Reply
Lingrid brentonwalker1295
@brentonwalker1295, perhaps this is not a completely fundamental analysis, which is also useful to own this information
+1 Reply
Lingrid cetradingdx
@cetradingdx, thanks for the feedback
I am very pleased that you have shared events that may affect gold, I really appreciate it
+1 Reply
@brentonwalker1295 Youre totally entitled to your opinion :)
Reply
@Lingrid Appreciate your work... when the markets are indecisive people do tend to believe more in the flow. Takes courage to present your ideas, especially, if they are opposing to most of them out there.

anyone who has traded long enough will agree that sometimes more than tecnical analysis it is other powers in the rear that move the markets...
Reply
Thanks for your work friend! I fully support the fall in gold from this resistance zone. I would not even call it a false breakout, since the price did not go beyond the zone. I think the rally in recent weeks has been a corrective move towards the main downward trend, don't you?
+7 Reply
You are a genius! Yesterday everyone said that the price would rise, but you insisted on your own! Voila and you won! Thank you for sharing your knowledge with us! Today I also expect a fall as you say!
+6 Reply
yesterday gold fall. yields and dollar was worked inverse. i still se chance to grow to 1815 befor fall.
+5 Reply
@Di3_, thanks for sharing your opinion, but for now I only think about falling)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter