Fundamentals:
Bullish
I am overal bullish on gold due to a global economic slow up;
The USD that is going to start devaluating due to the US cutting interest rates to counter the very high US dollar strength, and therefor people flocking to gold.
Bearish
We have had a very big run for now with almost no drawback starting from around 13.000 in June to the monthly high at around 15.550 in September.
I feel like XAUUSD is overdue a good correction only to start running up to new highs towards the end of October.
The COT report shows a lot of traders/leveraged money long on gold (at around 85%) which is very high. This means a lot of liquidity is in the market at lower levels right now, and I feel this liquidity is to be taken. Because too many people would make money on an upward move right now.
Technicals:
We broke the 14.800 - 14.900 monthly support level down to 14.600. A retest is now happening as we speak at around 14.800 but I do not see us close the daily strongly above 14.900 - 15.000.
Therefor a now see a small swing trade from the 14.800 level down to the 14.4500 level.
Let's see.
Bullish
I am overal bullish on gold due to a global economic slow up;
The USD that is going to start devaluating due to the US cutting interest rates to counter the very high US dollar strength, and therefor people flocking to gold.
Bearish
We have had a very big run for now with almost no drawback starting from around 13.000 in June to the monthly high at around 15.550 in September.
I feel like XAUUSD is overdue a good correction only to start running up to new highs towards the end of October.
The COT report shows a lot of traders/leveraged money long on gold (at around 85%) which is very high. This means a lot of liquidity is in the market at lower levels right now, and I feel this liquidity is to be taken. Because too many people would make money on an upward move right now.
Technicals:
We broke the 14.800 - 14.900 monthly support level down to 14.600. A retest is now happening as we speak at around 14.800 but I do not see us close the daily strongly above 14.900 - 15.000.
Therefor a now see a small swing trade from the 14.800 level down to the 14.4500 level.
Let's see.