I wrote details in chart but I have to say
Because of RSI H4 ; 70 . it need to rest or maybe retracement so be patient and wait for good entry in Lower time Frames and candlesticks Formations
GBP is falling right now . You can find it in A
and market sentiment
i have an idea that XAU is going to touch 2040usd this year again Easily
my strategy is based...
The clear "P" shape of the profile and recent news of high profile investors selling banks and buying gold miners suggest quite a strong opening this week in gold.
I find the GBP gold price to be less prone to being pushed around by competing trading strategies that can muddy the USD gold price.
Significant upside to above GBP1580 while unlikely, cannot be ruled...
Above is a 13 year chart of the price of gold in GBP(£), each bar on the chart represents 1 month of price action for gold.
The first part of this post talks about the price action of gold vs GBP over the 13 years, the second half states the bull/bear cases for gold going forward, it would be great if you add your own bull/bear cases so we can get a discussion...
Looking at the XAUGBP market to give some clues as to the resolution to the standoff in XAUUSD. Price has come back to the POC at 1508 only to see the trading volume just lower puch the POC down a tad. Maybe nothing but could give a clue that further downside in XAUUSD may be afoot.
Do we test long on this pair? What do you think?.
You have to be careful and analyze the price action before making the decision. We must think that nobody knows what will happen. I'm just trying to put the odds in my favor. Then the price will do what it has to do. So let's see what happens.
I think Gold is going to revisit the 1300 level in GDP, I am looking to enter longs between 1300-1320. Any unexpected event in the economy favouring Gold can put this off.
I think if the market sells off hard into a deeper bear market, it could take Gold with it too, in that case the Gold could deep lower than 1300, which would be an amazing opportunity, however...
Gold Reversed against GBP and JPY
We can observe that the XAUJPY dropped faster than XAUGBP,
therefore we can consider to sell XAUGBP
by using XAUJPY as our "indicator"
XAUJPY already falls to Point A
so we can expect the XAUGBP will fal to Point
A' as well.