Gold continues to shake the market
Hello friends, make sure to hit the like/follow button to show support on my analysis. If you have followed along Gold has respected my previous analysis. We went from 1800 all the way to 2075, planning accordingly to exit and not get into stop hunts with either trailed Stop loss or hedging positions.
According wit confluence zones along other methods golds has behaved accordingly, it has retraced and respected Fibonacci levels on 4 HR chart it has hit 2014-2018 lows and retraced back to 2030-40s. If you pull the daily/weekly/monthly charts you will notice we are overall bullish still. This downtrend movement is how gold behaves before shooting up.
I wont be surprised to see 1980-40s again before heading to new higher highs, as of now gold has failed to break resistance on 2075/2065/2036. I believe we need a stronger pullback again, as USA continues to pump the DXY past few days to make the economy look stable, gold has taken the opportunity to downtrend.
If you pull the DXY chart you will notice support 92.60 and support at 94. zones, it is now sitting at pivot point. Which could mean anytime it can continue its overall downtrend. I expect the dollar to continue to fight due to election/re-election times, than fail again so we can predict gold to continue its bullish move then. Meanwhile we will continue ranging, just make sure you are in the right side of the market not against it.
Fundamentals at big play here with Gold, make sure to monitor that as we are facing Stimulus/ Covid-19 to continue to drive the market.
Long term buy, short term sell and like always trade accordingly this is educational not financial advice.
XAUUSD
According wit confluence zones along other methods golds has behaved accordingly, it has retraced and respected Fibonacci levels on 4 HR chart it has hit 2014-2018 lows and retraced back to 2030-40s. If you pull the daily/weekly/monthly charts you will notice we are overall bullish still. This downtrend movement is how gold behaves before shooting up.
I wont be surprised to see 1980-40s again before heading to new higher highs, as of now gold has failed to break resistance on 2075/2065/2036. I believe we need a stronger pullback again, as USA continues to pump the DXY past few days to make the economy look stable, gold has taken the opportunity to downtrend.
If you pull the DXY chart you will notice support 92.60 and support at 94. zones, it is now sitting at pivot point. Which could mean anytime it can continue its overall downtrend. I expect the dollar to continue to fight due to election/re-election times, than fail again so we can predict gold to continue its bullish move then. Meanwhile we will continue ranging, just make sure you are in the right side of the market not against it.
Fundamentals at big play here with Gold, make sure to monitor that as we are facing Stimulus/ Covid-19 to continue to drive the market.
Long term buy, short term sell and like always trade accordingly this is educational not financial advice.
XAUUSD
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typo 94.00 DXY Resistance*
