Pashabxl

XAUUSD: The Precious metal continue its path towards 1120

FX:XAUUSD   Gold / U.S. Dollar
330 6 3
Gold             is still on the downside of the story. There isn't yet any hope that the precious metal will go on the upside because there is no buyers yet, nor any macro economic condition in favor of that reversal.
Having said that, the next level to watch is 1140 and bellow it is a very quick move towards 1120 and 1080.
Let's wait and see. The end target before an eventual reversal may be 1060 or 1040 but it is too early to predict yet
Pasha, ben je vlaams?
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Pashabxl PRO Yahia.Awes
Unfortunatly not, English French only
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Yahia.Awes Pashabxl
Pasha, that's why you didn't reply my pm.
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Hi Pasha,
Since you seem to like macro factors. What's your view of the macro conditions for Gold away from the price dynamics?
What are the reasons why it should go up?
What are the reasons why it should go down?
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snapshot


Technically this is waiting for doom in a bear flag.
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Pashabxl PRO LastBattle
Well concerning the precious metal, when FED will decide to raise its interest rate, XAUUSD will initialy go on the downside because USD would be very expensive vs USD unless the raise of FED's interest rate would be very smooth. But on the long term, with the inflation at the door of USD because of QE1-QE2 and QE3, XAUUSD would go on the upside.
For the downside, as far as interest rate remains low and EURUSD pair in favor of USD, the precious metal would stay on the down side. So you do have all the hints for your trend. Best
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