During the year 2023, gold has shown an upward trend against the US Dollar. This has resulted from the conflict in Ukraine and the political tensions the USA has had with China, Russia, and other countries. When such events occur, investors consider gold a safe haven and invest in it.
For those who haven't seen my post about DXY (US Dollar Index), I suggest you check it out as it will help you analyze currencies involving the dollar. Here's the link to my post about DXY:
Now, let's turn to the analysis of XAU/USD (gold against the US Dollar).
As you have noticed in my other posts, I find it important to analyze a currency for three months and then move to weekly, daily, and 4-hour charts. It's always crucial to see and understand the big picture.
In the past 3 months, GOLD has broken the wicks of the last candlestick. The last 6 months have been somewhat bearish for gold, even though there has been an overall yearly increase.
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The monthly candles have closed bullish, but the November candle, although bullish, doesn't give me a strong signal as it has not yet reached the highs of the highlighted last monthly candle.
On the weekly chart, there is an inside bar with a closing candle higher, indicating potential growth. However, considering it forms at resistance makes me a bit skeptical.
Now, having read my post about DXY, I believe you understand my expectations for gold. When we look at the daily chart, we are at a resistance level.
There is a potential for a Double Top formation near this resistance.
Keep in mind these points I emphasized above in case XAU/USD respects the highlighted upper highlighted line
For those who haven't seen my post about DXY (US Dollar Index), I suggest you check it out as it will help you analyze currencies involving the dollar. Here's the link to my post about DXY:
Now, let's turn to the analysis of XAU/USD (gold against the US Dollar).
As you have noticed in my other posts, I find it important to analyze a currency for three months and then move to weekly, daily, and 4-hour charts. It's always crucial to see and understand the big picture.
In the past 3 months, GOLD has broken the wicks of the last candlestick. The last 6 months have been somewhat bearish for gold, even though there has been an overall yearly increase.
]
The monthly candles have closed bullish, but the November candle, although bullish, doesn't give me a strong signal as it has not yet reached the highs of the highlighted last monthly candle.
On the weekly chart, there is an inside bar with a closing candle higher, indicating potential growth. However, considering it forms at resistance makes me a bit skeptical.
Now, having read my post about DXY, I believe you understand my expectations for gold. When we look at the daily chart, we are at a resistance level.
There is a potential for a Double Top formation near this resistance.
Keep in mind these points I emphasized above in case XAU/USD respects the highlighted upper highlighted line
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