XAUUSD Gold : Lowest we will see this year? Why and how ;) 27.4
Updated
Practicality, simplicity and clarity - The ropes to climb on the way to trading victory.
Walls of text, an ocean of opinions and options are the enemy when trading.
So let me try and help with making it as clear possible.
You guys agree with me inflation isn't going to go away right? It's very likely to get worse.
March 2022 was the biggest spike of Swiss Gold exports since May 2020 (source: investing.com/news/economy/swiss-gold-exports-to-the-united-states-rocketed-in-march-2811680)
Gold is a natural hedge to uncertainty and inflation which we have plenty of - So fundamentally speaking, there's serious backwind for Gold to go significantly higher.
Trading only has 2 elements to it fundamentals and technicals.
Now that we have the fundamental part of it out of the way that's 50% done.
The other 50% is the technicals, which are simplified on the chart above - Read the text on the chart, critical to understanding.
Some bullet points:
-Higher low trend-line since 2018
-Strong horizontal levels of support between 1840-1888
-Oversold position across time frames
-Bullish consolidation on top of up-trend
A break above 1940 could lead to the most aggressive upward spike since the $700 rally back between March 2020 to August 2022.
Don't miss out!
-----------------------------------------------------------------------------------------------------------------------------------------------------------
If you guys found this idea helpful, please like and follow, it would mean the world to me :D
I'm available for any questions or opinions and promise to answer each and every one.
My goal is to help as many traders as possible reach positive results.
Thank you!
------------------------------------------------------------------------------------------------------------------------------------------------------------
Walls of text, an ocean of opinions and options are the enemy when trading.
So let me try and help with making it as clear possible.
You guys agree with me inflation isn't going to go away right? It's very likely to get worse.
March 2022 was the biggest spike of Swiss Gold exports since May 2020 (source: investing.com/news/economy/swiss-gold-exports-to-the-united-states-rocketed-in-march-2811680)
Gold is a natural hedge to uncertainty and inflation which we have plenty of - So fundamentally speaking, there's serious backwind for Gold to go significantly higher.
Trading only has 2 elements to it fundamentals and technicals.
Now that we have the fundamental part of it out of the way that's 50% done.
The other 50% is the technicals, which are simplified on the chart above - Read the text on the chart, critical to understanding.
Some bullet points:
-Higher low trend-line since 2018
-Strong horizontal levels of support between 1840-1888
-Oversold position across time frames
-Bullish consolidation on top of up-trend
A break above 1940 could lead to the most aggressive upward spike since the $700 rally back between March 2020 to August 2022.
Don't miss out!
-----------------------------------------------------------------------------------------------------------------------------------------------------------
If you guys found this idea helpful, please like and follow, it would mean the world to me :D
I'm available for any questions or opinions and promise to answer each and every one.
My goal is to help as many traders as possible reach positive results.
Thank you!
------------------------------------------------------------------------------------------------------------------------------------------------------------
Note
~1870 support was tested once 1888 broke. From 1870, price action is already up by $45 in no time!
This shows the strong buying forces within the weekly up-trend around key horizontal support levels.
1912-1915 is the next resistance to pass on the way to 1940!
1905, 1897 is still possible as a short-term retest although less probable
Trade active
Price tested 1867 support and even slipped within the intraday below, but closed the day above. This now indicates the immediate short-term range between ~1867 to 1880-90.
Today's FED meeting may cause volatility
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.