GOLD XAU Wyckoff Method 🔔
Hi Traders and Investors
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Across the markets, we see many cryptocurrencies and stocks trading on a major support zone and some are even trading by yearly lows. Gold however, is trading at a peak. From a macro perspective of XAUUSD we can see this clearly. Applying the Wyckoff Method logic, it seems probable that we are about to enter a bear market. With so many other promising investment options, speculators that accumulated and let go of gold can create temporary imbalances that lead to rapid price changes.
A permanent bull market for gold is impossible. If the price of gold had risen consistently and measurably in value since the days of Tutankhamun, gold's price would now be infinite.
There are also other factors globally pointing towards economic strain across the market. With inflation at all time highs, the ongoing war in Ukraine and the price of commodity oil and gas sky-rocketing, talks of recession is whispered in conversation amongst entrepreneurs and businessmen like Elon Musk who has been cutting down staff at Tesla in apparent anticipation of a recession. A monkeypox outbreak is also looming around each corner, and we can't help but wonder if we are heading towards another March 2020. You have to ask yourself, do all of these things seems bullish or bearish from a macro perspective?
Meanwhile in cryptocurrency , the world has been shocked by the LUNA crash and even the SEC government officials are now investigating this liquidity drain. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of Terra and Luna.
All of the above considered, sometimes the truth can be quite obvious and simple.
What is your trading idea / analysis on Gold ?
_________________
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👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Across the markets, we see many cryptocurrencies and stocks trading on a major support zone and some are even trading by yearly lows. Gold however, is trading at a peak. From a macro perspective of XAUUSD we can see this clearly. Applying the Wyckoff Method logic, it seems probable that we are about to enter a bear market. With so many other promising investment options, speculators that accumulated and let go of gold can create temporary imbalances that lead to rapid price changes.
A permanent bull market for gold is impossible. If the price of gold had risen consistently and measurably in value since the days of Tutankhamun, gold's price would now be infinite.
There are also other factors globally pointing towards economic strain across the market. With inflation at all time highs, the ongoing war in Ukraine and the price of commodity oil and gas sky-rocketing, talks of recession is whispered in conversation amongst entrepreneurs and businessmen like Elon Musk who has been cutting down staff at Tesla in apparent anticipation of a recession. A monkeypox outbreak is also looming around each corner, and we can't help but wonder if we are heading towards another March 2020. You have to ask yourself, do all of these things seems bullish or bearish from a macro perspective?
Meanwhile in cryptocurrency , the world has been shocked by the LUNA crash and even the SEC government officials are now investigating this liquidity drain. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of Terra and Luna.
All of the above considered, sometimes the truth can be quite obvious and simple.
What is your trading idea / analysis on Gold ?
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
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