* Introduction and foreword
- See my previous chart (below) on XAU/USD (my job and goal was to keep everyone warned that emotions could play a big role here, and that we must not forget that all directions are a possible outcome) Which I received gratitude message for, thank you and appreciated.
- A resume on Fundamental and technical point here below.
Key points:
From a technical point of view
A Symmetrical Triangle has been (is already)formed . And a possible fan line has been supporting the upward trend. See my previous (below) analysis, where I mentioned that Gold will either go down or continue its uptrend at that particular pivot zone. it resulted that indeed price actions weren't strong enough, and supply exceeded demand levels. (Possible bullish trap)
From a fundamental point of view:
View my previous comments, in the ''comment section'' about gold warning I provided to other traders. Where I mentioned the following'' I am personally bullish on gold(begin of 2022). However the price actions and pivot prices we are actually in are to high for gold. So, in a short term I see gold (until economy recovered) having the need to find a real intrinsic value between the 1600 and 1700 levels. All above and under is for me not intrinsic. I see gold broke major resistance line on a daily chart . However the fake breakout (bullish trap) might give a fake sentiment to traders.
Personal trading plan: I am currently not taking any risk to trade on gold for the moment. I made several profits on the previous downtrends and uptrends who only showed up 1 or 2 times in 2-3 months, however this was enough for me to make sure, I secured my profits and consolidated my trading plan.
Thank you for taking the time to read, appreciated it a lot. I would like to have your comments on this.
Disclaimer: This is not a financial advise, however please use as utility if it might help.
Take care trade/invest well and regards,
Kevin C. Best
