XAUUSD was in a clear downtrend last week, a good chunk of the long term buyers in the market would have now been wiped.
According to sentiment, the masses are buying this metal aggressively.
A supportive level was created at the 1770 region, we then saw a purge and revert after gathering buyers liquidity.
We also saw a purge and revert after pushing above the...
I can defiantly see more upside moves coming from gold this year and could this be the start of this next bullish run?
As you can see marked on the chart i have a level that has been used as very strong support and resistance before (marked out by purple arrows) Now price came very close to touching this level, so close i myself would class it as a touch 1769 i...
if gold manage to break the trendline of 4h timeframe at 1817.14 it will continue moving upwards which is 1853.74 eitherwise it will retrace to 1802 and if it breaks the 4h trendline it will contiune moving downward to reach the daily trendline. we'll see where the movement next week to get wise entry
MY PREDICTION FOR GOLD:
In short: Once the client sentiment settles down a little, I predict gold will begin its steady ascent to around the 1920 mark, before its fall to 1460 in the months to come.
With COVID restrictions easing across the globe, the rollout of the vaccine and life beginning to see a road back to “normality”, the price of gold has been on a...
As shown within the graph, Gold has a good potential of rising to its resistance. However, once reaching resistance, it is best to sell and hold for a long term investment as it is going in a downward trend in the daily graph.
This is my second time posting with my chart analysis so if you have any questions, please feel free to comment. :)
