I think it is just a second test of high pressure. I don’t think it will continue to rise. On the contrary, I am more bearish on gold. As observed through the 4H chart, a wedge is currently formed, and it may be a reversal wedge. Green BCD contains a potentially bearish butterfly pattern
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Even if it rises, there will be a second bottom test. As long as the price drops below 1818~1800, the probability will increase. If it falls below the 1785~1770 range, it may open up more downside space. This may also It can be said that this is not a real upward trend.
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Observed from the monthly chart, the price of gold once fell below the upward trend line of 1260 and the fan-shaped area of 1160-2075, and then began to test the pressure zone, so the downward trend will continue after the test is completed
Thanks Sir! Gold sitting at 1790 area. IMO next support is 1765 area. Quick drop would do it. Cheers
usdclub
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@TraderV123, You're welcome, continue to pay attention to the future market trends, and can't be careless. Good luck and make more money
braingirl1994
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Totally meaningless charts. Russia signed major military and oil deals with Saudi Arabia, Nigeria, and India. Russia and China also agreed to use yuan and rubles when trading jet fuel. China discovered to massive oil deposits in Xinjiang. In short, the petro dollar is headed to the grave and all those unwanted dollars are going to get dumped back in the US.
usdclub
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@braingirl1994,
Relying on news to trade?
That's really totally meaningless!
Would you do this?
usdclub
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@braingirl1994,
I won’t comment on other things because I am not particularly concerned about them.
China is rich in natural resources, and petroleum resources are just one of them.
Discovering oil and extracting it are completely different things.
The current reality in China is that China is a country with a large oil demand. The oil production volume cannot meet the demand, and the difficulty and cost of oil extraction cannot be estimated. Therefore, most of China's crude oil will still rely on imports. I think you must not know about this. .
The dollar goes to the grave. This is something you cannot decide. Of course, you can judge this way. Even if it is really like that, it will take time, one year or two years? Can you make a reasonable judgment?
If you feel that my chart views are meaningless, you can ignore them. Is your comment to prove that you have strong analytical skills? If so, you can publish your views for everyone to verify.
TraderV123
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@leesiven, OUCH brother!! Good one!! I am Short Gold too!! We cannot act as if currencies trade in a vacuum. USD strength also comes from China needing to dump their exports in the US. No need to bankrupt your best customer.
usdclub
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@TraderV123, Yes, China also needs to export goods in exchange for foreign exchange. Take crude oil as an example. Although China imports a large amount of crude oil from overseas and is a big crude oil importer, at the same time, China also exports refined oil and is also one of the exporters of refined oil. Import and export data can be found on the official website of the General Administration of Customs of China. What does this mean? China also needs to reserve foreign exchange. Will China reserve Japanese yen? Korean won?
Viktor_FX
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Hi, @leesiven! There is no progress without criticism! ;) It's just that she's not able to appreciate your work... but even more unable to just pass by.