Technical Confluences:
- Stochastics is very close to Overbought conditions in D1 timeframe
- Price is close to the 161% Fibo Extension Line
- Projection using Elliot Wave count is pointing that the price may push up towards the Fibo Extension Line
Fundamental Confluences:
- With ongoing geopolitical tensions between Israel & Iran, there is a pressure for XAU to remain supported
- The reversal carry trade story may have legs to further push XAU up another leg as a safe haven
- With incoming FED cuts, there is potential for a weaker USD coming into September
- The above 3 points are the supporting for a higher XAU price.
- Assuming we hit the Wave 3 projected price, the US election will pose a big risk to the global outlook and may see USD strengthen back during that period. A stronger USD may induce a weaker XAU.
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Will be placing Sell Limit orders and update if the projection comes true.
Remember, DYOR.
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- Stochastics is very close to Overbought conditions in D1 timeframe
- Price is close to the 161% Fibo Extension Line
- Projection using Elliot Wave count is pointing that the price may push up towards the Fibo Extension Line
Fundamental Confluences:
- With ongoing geopolitical tensions between Israel & Iran, there is a pressure for XAU to remain supported
- The reversal carry trade story may have legs to further push XAU up another leg as a safe haven
- With incoming FED cuts, there is potential for a weaker USD coming into September
- The above 3 points are the supporting for a higher XAU price.
- Assuming we hit the Wave 3 projected price, the US election will pose a big risk to the global outlook and may see USD strengthen back during that period. A stronger USD may induce a weaker XAU.
-----
Will be placing Sell Limit orders and update if the projection comes true.
Remember, DYOR.
-----
Disclaimer: The personal opinion above does not constitute as an investment advice. Any trade decisions taken based on the above opinion is purely at your own risks. DYOR.
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.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any trade decisions taken based on the above opinion is purely at your own risks. DYOR.
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.