On the weekly chart it looks like a typical cup and handle pattern forming.
Inflation is coming, there's little doubt about that. Both inflation linked and nominal bond yields are unattractive. Bitcoin is being used as an inflation hedge for those who venture into that world but many institutional investors, governments and even traditional retail investors are...
Today Gold has retested the Nov 30th, 2020 & Feb 19th, 2021 lows, which created double (triple) bottom!! Todays' unexpended raise in the Bond Yields has led to the Gold selloff! Gold should bounce back from here as selling pressure eases off and buyer returns at this level!!
Gold has been in a uptrend since March, however I see the cup is about to tip over.
Even though this hard commodity is the go to for many investors I’m predicting the price to fall drastically once everyone see how strong United States will stand against the last leg of the elections and hopefully the more business savvy candidate comes out on top.
The USD will...
Long awaited short, if you manage to catch a short on the 2015 area it would be great. Then you can drive it all the way to the long-awaited 1825 area, and of course from 1825 we go long to the optimistic 3000
How do i think the gold will go? I think it will try higher high, or until 2000,2008, then the next thing it has to do is break through the marked structure, when it breaks through or goes to the weekly retest which is 1909 area, or a deeper retest to 1817 area. In essence, it all depends on whether the dollar will rise or fall.
As for gold, gold is definitely stuck in the trade channel, if it breaks the structure around 1812 area, then expect a slight push to 1825 area, if it fails to break through 1812 then it goes back all the way to 1795 area, where we will see again whether it will break towards down, or it's a preparation for higher high.
So again, maybe I'm looking too hard but in saying that I've spotted what I *think* is a recurring pattern, the green parallel channel is what I suspect will happen in next 24hours.
Not financial advice, just my thoughts
As wee can see in this 1H XAU/USD chart, we may see the same pattern repeating.
Bullish point of view:
1. Gold is in high demand
2. Bulls aiming for all time high from here
3. Dollar weakness helping
Bearish point of view:
1. Repeating pattern seen in chart
2. Resistance at 1800 reached
3. Bearish divergence on bigger timeframes
XAUSD is in a swing chart diagram.
I estimate 1733 as the resistance before swinging back to it's sell. At 1733, it's on Fibonacci 50, so a reversal is expected. TP 1 is estimated at 1713 as that shows us a support. And TP 2 is at 1695 and also a 2nd support
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