HI people ! Currently we are in 5th wave of Elliot wave (A,B,C,D,E) gold Cycle and we soon should see correction So here are quite Possible scenarios
BULLISH SCENARIOS :-
1- The price can pull back to 1778-1782 Area and move the next leg up Targets ( 1835 1856 1920 1972 2070) .
2- The price can break 1810 and Target the levels ( 1835 1856 1920 1972 2070) .
3- The price can move Deep pull back to 1748-1752 Area and target same area ( 1835 1856 1920 1972 2070) .
BEARISH SCENARIOS :-
1-There is a "M" formation on 4H,Daily ( M formation is a complex type of Double top ).
2- ON - 2 Day TF we have Bearish divergence ( Divg is in stoch RSI ) .
3- ON - 1 Day TF we have Bearish divergence ( Divg is in volume and and MACD indicator).
4- The wave C can give a pull back which i think is likely.
5-We also are on top of weekly BB & at Weekly supply level .
6-We have a "SMALL" rising wedge with in a "LARGE" RISING" wedge which usually breakout
" ABOUT RISING WEDGE"
1-Breakout :- 60% of time it correct downwards.
2-confirmation :- when price break trend line and retest with good volume .
FUNDAMENTAL & MACRO VIEW :-
1- ) Ok so all know China & Russia is biggest producer of Gold , Recently G7 put limit on Russia to sell OIL only at 60$ per barrel
we also know OPEC is currently looking to cut off supply on OIL
(This will increase the inflation also ,As greater oil prices = Higher inflation ) ,So more inflation =More interest Rates hence more pressure on Markets.
2-) secondly, We know US control most of world because of "USD" So Russia looking to sell OIL against GOLD rather than USD , with the backing of China
At last in Recent Growth of 20% rally of "DXY" we only see 7.5% Decline in GOLD ( Where as stocks crypto and other Assets decline alot ) This shows relative strength
CONCLUSION :- In my opinion we may see little pull back soon but over all i am bullish that we will Even break ATH soon in 2023 because simply Who control more Gold control World ( This refer to change in world order) From "US" TO " China + Russia" .
"More demand =High Prices"
BULLISH SCENARIOS :-
1- The price can pull back to 1778-1782 Area and move the next leg up Targets ( 1835 1856 1920 1972 2070) .
2- The price can break 1810 and Target the levels ( 1835 1856 1920 1972 2070) .
3- The price can move Deep pull back to 1748-1752 Area and target same area ( 1835 1856 1920 1972 2070) .
BEARISH SCENARIOS :-
1-There is a "M" formation on 4H,Daily ( M formation is a complex type of Double top ).
2- ON - 2 Day TF we have Bearish divergence ( Divg is in stoch RSI ) .
3- ON - 1 Day TF we have Bearish divergence ( Divg is in volume and and MACD indicator).
4- The wave C can give a pull back which i think is likely.
5-We also are on top of weekly BB & at Weekly supply level .
6-We have a "SMALL" rising wedge with in a "LARGE" RISING" wedge which usually breakout
" ABOUT RISING WEDGE"
1-Breakout :- 60% of time it correct downwards.
2-confirmation :- when price break trend line and retest with good volume .
FUNDAMENTAL & MACRO VIEW :-
1- ) Ok so all know China & Russia is biggest producer of Gold , Recently G7 put limit on Russia to sell OIL only at 60$ per barrel
we also know OPEC is currently looking to cut off supply on OIL
(This will increase the inflation also ,As greater oil prices = Higher inflation ) ,So more inflation =More interest Rates hence more pressure on Markets.
2-) secondly, We know US control most of world because of "USD" So Russia looking to sell OIL against GOLD rather than USD , with the backing of China
At last in Recent Growth of 20% rally of "DXY" we only see 7.5% Decline in GOLD ( Where as stocks crypto and other Assets decline alot ) This shows relative strength
CONCLUSION :- In my opinion we may see little pull back soon but over all i am bullish that we will Even break ATH soon in 2023 because simply Who control more Gold control World ( This refer to change in world order) From "US" TO " China + Russia" .
"More demand =High Prices"
Simple the Demand shift in oil prices will Result in higher oil prices with fix/less Supply ,thus keep increasing the risk of US Recession along with stabilized Chinese economy