BULLS battery running on empty
Gold (xauusd)
intro + fundamentals
Last week price data has shown the biggest GOLD gains last witnessed march 2020, this was due to a weak US Dollar which made XAUUSD more appealing to global investors. This was caused by the statistics released by the US labor department that ≈ 261K jobs were added to the US economy but this statement was received negatively as this is the lowest of the recent job figures resulting in an increase in the unemployment rate to 3.70%.
With pressures of rising inflation and possible interest rate hikes by global central banks the bullish run seems to be slowing down.
technicals
price made a triple bottom at weekly demand CP @ $1627.700 to make way to the $1700 price areas where currently monthly supply level of proximal price @ $1766.260 being in control where there is extra price areas of interest being liquidity pool ranging from $1783.350 to $1797.200 which is the potential turning point on market momentum from bullish to bearish.
with bulls seeming exhausted i have bearish targets to liquidity pool ranging from $1674.100 to $1683.500
supply and demand
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
The Nobel Prize in economics belongs to Satoshi Nakamoto
intro + fundamentals
Last week price data has shown the biggest GOLD gains last witnessed march 2020, this was due to a weak US Dollar which made XAUUSD more appealing to global investors. This was caused by the statistics released by the US labor department that ≈ 261K jobs were added to the US economy but this statement was received negatively as this is the lowest of the recent job figures resulting in an increase in the unemployment rate to 3.70%.
With pressures of rising inflation and possible interest rate hikes by global central banks the bullish run seems to be slowing down.
technicals
price made a triple bottom at weekly demand CP @ $1627.700 to make way to the $1700 price areas where currently monthly supply level of proximal price @ $1766.260 being in control where there is extra price areas of interest being liquidity pool ranging from $1783.350 to $1797.200 which is the potential turning point on market momentum from bullish to bearish.
with bulls seeming exhausted i have bearish targets to liquidity pool ranging from $1674.100 to $1683.500
supply and demand
put together by : Pako Phutietsile
presented by : currencynerd
courtesy of : TradingView
The Nobel Prize in economics belongs to Satoshi Nakamoto
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