XAUUSD: Countering the imminent Global Inflationary Pressures(D)
In view of the weird market response towards last week’s NFP, I’m of the opinion that Gold has nonetheless reviews a truer picture. Fundamentally, countries are throwing bonds and buying Gold. No?
In the Weekly, an Inverted H&S price pattern is in the making.
In the Daily, a Descending Broadening Wedge, with a Higher Low making it a Double Bottom right at the Demand Zone.
In addition of, there’s a Symmetrical Triangle (Red Lines) within the bigger Wedge. The recent breakout was supposed to be a “False Break” but the said Double Bottom has indicated that it is a “Failed False Break”, suggesting a Bullish Reversal is on the way.
FL1816 area is a critical level to watch. A confirmed breakout of it will confirm the Bullish reversal. Next hurdle is the 1848/1850 areas. A clearance could send the yellow metal to the 1900 area.
Disclaimer:
The above is just my humble opinion and I’m Bullish Bias about the Yellow Metal as I already have a small Long position taken after the making of the Double Bottom.
Always: “Trade at your Own Risk”!
In the Weekly, an Inverted H&S price pattern is in the making.
In the Daily, a Descending Broadening Wedge, with a Higher Low making it a Double Bottom right at the Demand Zone.
In addition of, there’s a Symmetrical Triangle (Red Lines) within the bigger Wedge. The recent breakout was supposed to be a “False Break” but the said Double Bottom has indicated that it is a “Failed False Break”, suggesting a Bullish Reversal is on the way.
FL1816 area is a critical level to watch. A confirmed breakout of it will confirm the Bullish reversal. Next hurdle is the 1848/1850 areas. A clearance could send the yellow metal to the 1900 area.
Disclaimer:
The above is just my humble opinion and I’m Bullish Bias about the Yellow Metal as I already have a small Long position taken after the making of the Double Bottom.
Always: “Trade at your Own Risk”!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.