InvestMate|GOLD Increases on the horizon?

🥇GOLD increases on the horizon?

🥇As in my previous post on gold I predicted downtrend correction:

🥇This time we change direction and set our sights on an uptrend correction

🥇Gold showed strength on Friday last week. Breaking out of its local minima by a full 4%

🥇In this case, can we speak of the start of an upward correction in a downtrend?

🥇The downtrend has now lasted 244 days and the decline has been -22%

🥇This is a really significant correction. All because of the strengthening dollar since the outbreak of Russia's invasion of Ukraine

🥇The situation may change on the dollar. Which I described in a previous post

🥇In a nutshell, what happened in America last week was:

🥇The event everyone was waiting for was the interest rate decision, which rose to 4%.

🥇This was followed by a press conference in which Jerome Powell spooked the markets with a hawkish tone, which first triggered a sharp wave of dollar weakness, and Powell's words were followed by a speculative attack to strengthen the dollar.

🥇4 November Non Farm Payrolls performed very well with 261k new jobs created compared to the 200k the market was expecting.

🥇After which the rate from the data we found out unemployment rose to 3.7%

🥇All this data could have a positive impact on future inflation readings. Which has been falling for over 4 months.

🥇All this data from the US economy could gradually contribute to a weaker dollar in the future. Which the market may already be discounting at this point.

🥇Long-term chart of the dollar:

🥇With which the price of gold may gain. Not in the same way as the global addition during the pandemic. But in a noticeable way.

🥇Moving to the chart. The 1720 and 1790 price levels are still the most sensible levels.

🥇The former seems more local in the current week's range, the latter would be reached if the dollar scenario plays out.

🥇Between these levels there is another level which is the one to one correction, that is the range of the largest recent upward correction in the whole downtrend, it falls equally at 1740

🥇Looking for a good place to join the upside, I would probably look at the zone between the 0.236 and 0.382 levels of the current uptrend. Waiting there for some strong signs of buying interest

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Beautiful day

Comment:

Lets go baby

Comment:

I think it's time for some correction