XAUUSD

Friday has been quite a shock to those who wanted 1800 to happen, however, this was not the case. You see when hysteria is built up so much on the foundations of speculation, the price seems to capture crucial deviation points. Furthermore, this downwards move was expected, the rise of gold from last week into the 90s region had me wondering that we are moving too fast for an uptrend with no fundamental outlook on the whole perspective of gold being full-on bullish for that week. Nevertheless, I seem to think that many traders out there are scoping out a reversal on gold to continue its yearly trend to the downside. I am with your bears, I can feel your rage and hunger for the drop, but I don't assume this will happen in a week or two. You see, the natural accumulation for the price to reverse back down is undoubtedly misinterpreted, and we must be very very crucial of where we put reversal zones. I assume that Gold next week will scalp in its range while zones below 1765 and 1798 in which will be bought off or shorted off from those regions, only because of the forecasted movements of golds drivers such as 10-year yield and market uncertainty. Don't forget we are still at the beginning of Q2 it is going to be a rough ride for bears in my opinion. I cannot capture the factors I can't control, however, I am assuming that it would be another ranging week until at least a later point in time during this trading week coming.

My last idea on gold was short and to be brutally honest I am still holding shorts, only because this uptrend move will eventually die out if optimism really creeps up in the markets. Therefore, trade safely because you do not want to be swinging tops to highs in my personal opinion.

Good luck all.

Comment:

loool

Trade closed: target reached