Gold is very sensitive to the macroeconomic environment, making it hard to predict a trend just based on indicators and chart patterns. The world's economy has suffered a lot this year, particularly the US. We all see the economic crisis that the Covid-19 pandemic brought. People become more and more unconfident in the markets. When this happens investors tend to shelter under Gold, which is known for being a safe haven when the markets are not performing well.
If you look at the volatility index, you can see that the volatility meets a support point which could reverse the downward trend.
So, the upward trend of XAU is undeniable. And the price could climb to the highest level in the past decade.
What should we do?
If you have XAU in your hands, it would be a smart move to keep it and wait for the price to continue its climb before exiting your position. The price follows an upward trend, however, it is not going up every moment. Now we can see a cross of MACD lines and ADX and RSI remain low. In this situation, I would say a small downward trend would show up in the near future which would not break through the trend line. So when the downward trend meets the trend line, it would bounce up.
If you are looking for a chance, keep your eyes on the recent price, it may meet your requirement.
If you look at the volatility index, you can see that the volatility meets a support point which could reverse the downward trend.
So, the upward trend of XAU is undeniable. And the price could climb to the highest level in the past decade.
What should we do?
If you have XAU in your hands, it would be a smart move to keep it and wait for the price to continue its climb before exiting your position. The price follows an upward trend, however, it is not going up every moment. Now we can see a cross of MACD lines and ADX and RSI remain low. In this situation, I would say a small downward trend would show up in the near future which would not break through the trend line. So when the downward trend meets the trend line, it would bounce up.
If you are looking for a chance, keep your eyes on the recent price, it may meet your requirement.