Gold (XAU/USD) - Dollar index down, Stock bubble, Bonds down
Considering the fact that Usbonds, Usdollar index have been tanking for the entire year, FED continues to raise rate hikes in this crazy inflationary environment, Stocks (DJI, S&P500) are in a Tripple Divergence, US debt ceiling is reached "http://usdebtclock.org/"
One must wonder if Gold really could tank to the lower daily trendline of 1180.
I tend to believe not so at the moment.
The chart seems to indicate a rally to a perhaps fall to 1180 but i cannot see this geopolitical environment getting any cooler in the summer, moreover i.imgur.com/5gLhCt6.png?1 The Blackrock world gold mining fund have been in a huge decline back to 1200... there is a 2x-3x divergence in the mining sector atm -> oversold.
On the hourly chart
We can observe a triangle forming within the 1,2,3,4,5 wave structure of descending lower bottoms. Volume, Macd, RSI does not indicate another fall but the crash from 1240 did not indicate a fall either (There was manipulation involved in that price being broken previously from the flash crash of 2 billion dollars but if u observe the candle that broke u can also see the same thing at 1240 so there is huge manipulation going on.
I would advice you to have a short term perspective long and observe what gold will do at the end of this decending triangle. If it breaks down --> 1180 next test, if not then we get a small rally up and depending on other factors perhaps things will get rolling again for the precious metalls.
Take care & Trade safe
One must wonder if Gold really could tank to the lower daily trendline of 1180.
I tend to believe not so at the moment.
The chart seems to indicate a rally to a perhaps fall to 1180 but i cannot see this geopolitical environment getting any cooler in the summer, moreover i.imgur.com/5gLhCt6.png?1 The Blackrock world gold mining fund have been in a huge decline back to 1200... there is a 2x-3x divergence in the mining sector atm -> oversold.
On the hourly chart
We can observe a triangle forming within the 1,2,3,4,5 wave structure of descending lower bottoms. Volume, Macd, RSI does not indicate another fall but the crash from 1240 did not indicate a fall either (There was manipulation involved in that price being broken previously from the flash crash of 2 billion dollars but if u observe the candle that broke u can also see the same thing at 1240 so there is huge manipulation going on.
I would advice you to have a short term perspective long and observe what gold will do at the end of this decending triangle. If it breaks down --> 1180 next test, if not then we get a small rally up and depending on other factors perhaps things will get rolling again for the precious metalls.
Take care & Trade safe