Gold in pounds has staged a breakout from a short term triangle this week but to me it looks insipid and not powerful. The long term picture to me looks like a bearish rising wedge pattern. I will not be convinced about this being a new bull market until the all time high is solidly breached.
For the bulls, this is a precious metal trading with GBP, We have an overview of gold now while we waiting for the Retail Price Index (RPI), Claimant Count Change news, Flash Services PMI.
I expect to see positive change on the RPI for the upcoming news. also, we are about 8 days to hear GDP 4th Q 2021 results,
553,412 M £ as 3Q 2021
546,556 M £ as 2Q...
A firm break above the latter will open doors towards $1,884, where the R3 monthly pivot point aligns.
Alternatively, if sellers manage to find a strong foothold below the confluence of the Fibonacci 23.6%, the daily pivot point and weekly R2 pivot at $1,859, the corrective pullback could gain traction.
The next downside target is seen at the previous hourly low...
In this 10-minute video we aim to explain what's happening in the bond market, and as a result its implications to the USD, to stocks, the USDJPY and gold. Today's US Consumer Price Index (CPI) data due for release on Wednesday at 1230 GMT may be already priced in and prices may not display logical textbook reactions.
Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there.
Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.
Great one here straight off the bat great upside potential - ignore indicator below its inaccurate gold will push up
Gold did its thing in 2020, the worse financial year since WWII, and I have to say it was nothing impressive. Investors pilled up in foreign stocks and digital assets, gold resembles more and more a pure commodity than a monetary safe heaven.
Currently is hitting the 200ma, and for me it will keep going down, perhaps to retest lower levels, after that a long...