🔔 There is a breakout confirmation from the falling wedge on a 4 hour Gold chart. The price broke the resistance and retested it as a support.
🔔 The situation around Evergrande and negative NFP and employment data in the US will increase the uncertainty in the markets. Several Central Banks, including the Bank of Japan increased their Gold purchases in August and September. This week might be very volatile especially when it comes to the Non-farm payroll data release.
🔔 The bullishness of Gold is supported by both RSI and MACD indicators. MACD has already crossed the signal line, indicating a further upside continuation, whereas RSI remains in mid-level since June on a daily chart. If the uncertainty grows, the risk of rate hikes and there are signs of a crisis backed by Evergrande, then it will be the time for Gold to continue the climb. If breakout is confirmed. The continuation of a bullish run.
🔔 If gold is able to close above $1849, watch for the Inverse Head and Shoulders pattern
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I think even if we have a little bit of a pullback it won't be that much and we'll see price heading down again, here's our chart
azizelliott
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@ForexTrendline, Thanks for sharing. This week will be volatile, as you can see the price is playing around 1740 and 1760. On Friday before the closing bell we will see a real shake I believe.
Sangam-Agarwal
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nice view, waiting for end of wave E and 2200 price,
can you share time expectation for the end of wave E ,