Price has broken structure and now we can look for a pullback to previous support, now resistance..
XAUUSD has also made a new daily low so we can expect price to continue falling but i think this is a small drop before gaining new highs
Gold is looking nice within this Demand Zone on lower hour timeframes. On a monthly it is in a Supply Zone. We are looking for rejection from this zone based on the current state of fundamentals and momentum.
I believe this pair is still bullish, If we take a look at the daily we can see a steep trendline which has been respected. Dropping down to a 4HR we can see that this trendline has been respected several times.
It appears price will head towards resistance again before any kind of big selloff happens (if at all)
I can also see bullish divergence on the daily...
The gold spot made a symmetrical triangle and broke upward. And it was following the downtrend line channel from the beginning of September. As you can see, the breakout candle has closed above.
I have drawn a dynamic parallel trendline to find out the last point of the rally. Long-term investors, please keep their eyes on A, B, C, D, E, F, and G. Wherein F & G...
THIS IS JUST MY THOUGHTS AND ANALYSIS
From what I can see looking at the monthly chart gold is set up for a massive drop, its made an all-time high, there has been hardly any correction and it's just completely flown away from the trendline (lol)
I can see a massive amount of divergence on all timeframes and a huge amount of upwards momentum. The last time this...
As seen previously once price broke the support line it took a big drop but recovered quickly. Its safe to say once its broken again it will take another huge drop.
My reasons for this are the fact Gold has kept rising despite all technicals showing that it should be ready for a sell. I appreciate Gold is a safe-haven but there's only so much manipulation...
On #XAUUSD 4-hour chart, curve T3 and simple moving averages (ma10, ma20 and ma50) have turned their directions to negative.. It is likely that the price will go down.. I expect a structure as I mentioned in the chart.. We will wait and see..
Disclaimer: Please do your own due diligence when it comes to forex-trading.. Invest at your own risk..
I wish you all...
I think we will see a negative trend in #Gold in the medium term..
We see negative divergence in both CCI and RSI , this is bearish .. On daily chart , T3 curve turned negative and price is now below ma20.. In my opinion, the major resistance point of 1560usd in Gold can be tested in the first place.. We may see a price action as I mentioned in the chart..
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