I am bullish on gold this week. There is a chance for gold to resume the uptrend. Technical analysis are bullish in my eyes - on 4H gold formed very strong bullish manipulation, reacting of the monthly pivot point. Normally gold reacts very well on these pivot points, adding the manipulation seems very bullish.
On Friday, PCE inflation rose, but gold formed a bullish candle, which tells me that there is underlying strength.
Macroeconomics
In recent weeks it has been unclear how the US government will resolve the debt ceiling issue. There was different speculations and gold fell. Yesterday the decision was made - the debt ceiling was raised.
I am not sure how gold will react this time to another rise in debt, because there is a banking crisis, high inflation, high interest rates, but historically gold has been bullish - every time.
This could be the catalyst gold needs to resume its bullish trend.
Top - Down Analysis
The monthly candle is very bearish. The next few days are very important to see how the month will close.
The weekly timeframe is still bearish. Doji liquidity is still not taken out. But there is a chance that gold will form a double bottom and go higher.
We need to see how this small bullish candle will evolve, but Friday was very strong manipulated and closed as bullish day.
Swing projection
The timing is good for a new major low.
Seasonality still plays a role and the last two months have seen a pause in the bullish trend.
Benchmark
If there is no resumption of the bullish trend, at least a good bullish reaction to form the next lower high.
COT Reports
It seems that the big players are not as bearish on silver. There is no change on gold.
Yields
Yields are still bullish, but they are in reaction area. We have to see how they will react to the new debt ceiling.
XAUUSD vs GDX
GDX prices also rose on Friday, which is a bullish factor. GDX did not reach the bottom of the channel, but XAUUSD did.
Gold vs Silver
Silver formed a strong daily bullish manipulation from the discount zone. This is a strong confirmation that the metals are likely to move higher, at least for next week.
Volume
The price is falling, but the volume is also falling.
Retail Support and Resistance
Gold price is still a far way from its mean. The next few days could be doji days and the distance could be reduced.
Momentum
The RSI is oversold and has reached the 40 level, close to the lower border of the bullish trend.
The RSI is also forming a hidden divergence, which is normal when the price is at the end of a retracement.
On Friday, PCE inflation rose, but gold formed a bullish candle, which tells me that there is underlying strength.
Macroeconomics
In recent weeks it has been unclear how the US government will resolve the debt ceiling issue. There was different speculations and gold fell. Yesterday the decision was made - the debt ceiling was raised.
This could be the catalyst gold needs to resume its bullish trend.
Top - Down Analysis
Swing projection
The timing is good for a new major low.
Seasonality still plays a role and the last two months have seen a pause in the bullish trend.
Benchmark
If there is no resumption of the bullish trend, at least a good bullish reaction to form the next lower high.
COT Reports
It seems that the big players are not as bearish on silver. There is no change on gold.
Yields
Yields are still bullish, but they are in reaction area. We have to see how they will react to the new debt ceiling.
XAUUSD vs GDX
GDX prices also rose on Friday, which is a bullish factor. GDX did not reach the bottom of the channel, but XAUUSD did.
Gold vs Silver
Silver formed a strong daily bullish manipulation from the discount zone. This is a strong confirmation that the metals are likely to move higher, at least for next week.
Volume
The price is falling, but the volume is also falling.
Retail Support and Resistance
Gold price is still a far way from its mean. The next few days could be doji days and the distance could be reduced.
Momentum
The RSI is oversold and has reached the 40 level, close to the lower border of the bullish trend.
The RSI is also forming a hidden divergence, which is normal when the price is at the end of a retracement.
Strategy:
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub
-Macroeconomics
-Market manipulation
-Liquidity calculation
-Economic and price action indicators
-MTF Pivot points
*Fundamental analysis
*Technical analys
*Quantitative analysis
Free group:
t.me/serpentforexclub