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GOLD will make a correction

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello Traders!

Gold has reached a strong support line and I expect a pullback to the level of 1488, after which the fall will continue.
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In your opinion, is there any possibility that Gold will overcome the resistance at $1488 and rise above it?
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Tekterra ReallyMe
@ReallyMe, It's more driven by China trade. The drop was the sentiment that trade war will come to a truce. Assuming China deal delay which I think has high probability to delay, then gold can rise again. The trading range seems to be 1450-1550 where 1550 was sort of the peak with 1500 being the mid point. The correction was hitting 1450 a second time now. This lvl was when Fed started rate cut back in July so it's a strong support.

If China deal blew up and trump tariff goes live then you bet we head right back above 1500 to potentially 1600. But I am thinking Trump is trying to balance the stock market so in times of uncertainty be less greedy and take smaller profits rather than expecting a bigger swing.

New media is extremely manipulative. On one hand China is saying US agree to rolling back the added tariff, then Trump said he never agreed to rolling back any tariffs. Both leaders can't even agree on where to sign the deal. The funny thing was that it's all speculative, nothing has changed all tariffs are in place, no deals has been signed yet.

The 10 year bonds are rising since they were over sold and Dollar is gaining which naturally puts pressure on gold. Sort of expected because that's how market cycle. When unsure, might be best to wait for a sentiment change.
+1 Reply
ReallyMe Tekterra
@Tekterra, Thank you for your opinion, you've explained very comprehensibly and conclusively, much appreciated! I see it in a similar way. With best reards, ReallyMe
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Still the Opinion of Correction to near 1488? Or any changes?

And what does the red line at 1474,825 mean?

Sorry im still noob in trading
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Write what you think about GOLD
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Depends if investors big players pull out. Like once gold went to 1524 but later quickly went right back as well...
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hope so
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