From the chart, we can see gold price very reacted towards geopolitic tension between two 'giga' economic country US and China. China push US to make Chinese Yuan as the main currency in the world which use in trade segment between countries. They agreed to form BRICS plus Saudi Arabian involvement into the idea and causing uncertainty towards dollar future ability as the world number one currency. This is because export and import between BRICS countries will not use dollar as their medium of exchange. BRICS hold a very large economy in the world as their GDP combined is more than EU countries. Domino effect will happen as many country will also reduce their US Dollar dependant causing low demand with that currency.
From technical analysis, price already break the trendline and now doing retracement towards 1980 area. If the price did bullish reversal signal in that area, then possibilty the price to hit 2050 quite high. Not financial advice and may the profit be with you guys.
From technical analysis, price already break the trendline and now doing retracement towards 1980 area. If the price did bullish reversal signal in that area, then possibilty the price to hit 2050 quite high. Not financial advice and may the profit be with you guys.
Comment:
Entered the zone. Now running good towards target price.
Trade closed manually:
Sharp retracement possible to happen. Thank you guys. See you in next idea. Cheers!!!