XAUUSD correction is over. Technically, gold may have reached the end of its downward movement. According to my analysis, the correction has reached the upper range of W1ATR. W1 ATR is the average of the weekly movements over the last 14 weeks. This level could act as a strong support level. My analysis can be confirmed by the fact that the upper white square indicated on the chart which refers to the D1ATR distance, the wave movement symmetrically tested back(yellow square). I used these two results to conclude that I expect a rise from the current level(W1ATR). This level is 1851.26 usd. The target price for the rising wave sequence is unchanged, corresponding to the previous analysis of 2085.36 usd.
You could be correct. Keep in mind that FMOC comes in on Wednesday. The Dollar is supported by traders closing Dollar shorts (out of fear of adverse volatility) till then. If the Dollar strengthens till Wednesday, Gold could depreciate I expect to $1838 --> $ 1828 till then. After / During FMOC presser, I expect there will be a robust rebound in Gold.
Best of Luck.
meszaros
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@Summerset, Thank you very much for your valuable comment. I agree with you. Wednesday's FOMC meeting will be followed by a press briefing that will now be of particular interest to investors. We can expect increased volatility.
Teffopwns
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@Summerset im expecting weaknesses for dollar if we have a close look right now on fed repo increasing every single day , yesterday we was having ATH almost 584 billions in treasury, with 0 interest, so to much money in the market that can be worst for dollar
MichaelKhlestunov
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@Summerset, not only FOMC meeting will increase volatility.
President Joe Biden is using time away from summit meetings on his European tour this week for intense preparations ahead of his talks with Vladimir Putin,
Wednesday's trades will be very hot!!!!!
alpeshjain
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any latest update on gold , pls update
MichaelKhlestunov
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i think we can see correction on tuesday. 1812 i think
AlkalineFX
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consistent amazing ideas
mikeUkTrading
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#GLD is getting hammered down and the momentum is lost. The price needs confirmation of $1720 range to keep appreciate yet again.
kmz
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Any update on gold this week please...
Summerset
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..... Oil tanked to $13, and even crashed to $9, in 1987, even though there was a ragging war in the Gulf, with oil tankers getting targeted & hit. – Point made & taken.
To secure global dominance post corona, it is imperative to flush out Bitcoin in a similar manner. For traders the coming regime change dictates dollar scarcity - even more than Bitcoin - if possible.
The coming uptrend in the dollar, needs to surpass the uptrend in commodities in the 70's - The Turtles made $400 Mil back then in that Trend.
Its time to buy the USD, and sell everything else – even Gold.
Best of Luck.