CesaroPelucci
Short

Wave C on gold with target 1645

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The bearish signals for gold are piling up with a strong sell off on Thursday for equities, bullish DXY and a bearish daily divergence. I expect this to play out starting friday and the weekly to close as a pinbar or a red doji .

Comments

Nice chart & thank you. As I am not expert as you, at this stage I just read the fact (and the market's reaction) that the area of 1738/1740 had been rejected several times the weeks before, from there I would say that the next move would take us to some lower levels in order to gain some extra buyers, as long as the level of 1752/3 hasn't been crossed. From now on, I would follow your recommendations if you don't mind. Thanks You/Heel Bedankt from Netherlands. GL
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CesaroPelucci NicolasCoppens
@NicolasCoppens, Hey Nicolas, ik spreek ook Nederlands dus altijd leuk als ik Nederlandse volgers heb :). Je kan me ook volgen op Telegram voor meer analyses op andere paren en geupdatete charts op @CesaroFX.
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NicolasCoppens CesaroPelucci
@CesaroPelucci, The possibily of having a negative rate implemented by the Fed on the next Fed Conference should be supportive for the Gold, right Cesaro? I don't know as much as you but I assume that this kind of decision should weaken the King USD, don't you think? So we might have a correction as you had foreseen and explained through your nice Chart and from there XAU should recover from its lower level from Wednesday 29/04 onwards...? Thanks for your time and your explanations. Met vriendelijke groeten, KR, Nicolas.
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CesaroPelucci NicolasCoppens
@NicolasCoppens,I do not expect a negative rate decision for the dollar, what I do expect is the further unwinding of dollar bond buying for the next FOMC Meeting which should strengthen the dollar. But it is all yet too early to speculate. I do expect the DXY to reach 101.9 and a strong fall afterwards which should give the gold price a boost towards 1800.
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NicolasCoppens CesaroPelucci
@CesaroPelucci, OK, leuk. Dank je voor jij duiding, Cesario By the way, I do have some short positions with XAU/USD under 1500, do you think that we might still see a legdown towards that level along the year? Or should I get rid of those positions during the next correction in order to stabilize my account? What do you reckon? It's a bit worrisome. Grazie mille. Auguri. Nicolas
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CesaroPelucci NicolasCoppens
@NicolasCoppens, Yes I expect a retest of the breakout zone 1380-1400 between late summer and December 2020. That will be the final bearish leg down before we break the all time high of 1920 in January 2021. Roughly my expectations are 1650-1800-1550-1900-1400-2000
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NicolasCoppens CesaroPelucci
@CesaroPelucci, Perfetto grazie mille, buona dominica, Cesaro. Auguri & keep in touch. BR, Nicolas
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CesaroPelucci NicolasCoppens
@NicolasCoppens, prego amico buona fortuna
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I have it on watchlist as well, with thi
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