XAUUSD Spot Gold sell-off may stimulate a rally LONG
Updated
Spot Gold has fallen 5% since the Middle East conflicts have lessened at least transiently. Other
fundamentals like the Chinese government and indeed its citizens as well as the central
banks of several nations buying gold in high volumes support price from significantly falling from
here. Supported by volume profile specifics as well as the Fibonacci retracement levels
reversing the trend down, I see this as a buying opportunity where other dip buyers will hold
the price up and support the reversal. I firmly believe that the day will come where prices of
the present would be considered a huge bargain. At this time, they are fair value for sure.
fundamentals like the Chinese government and indeed its citizens as well as the central
banks of several nations buying gold in high volumes support price from significantly falling from
here. Supported by volume profile specifics as well as the Fibonacci retracement levels
reversing the trend down, I see this as a buying opportunity where other dip buyers will hold
the price up and support the reversal. I firmly believe that the day will come where prices of
the present would be considered a huge bargain. At this time, they are fair value for sure.
Trade active
Price hit the first target and fell from the Fib level there. one third of the position closed for profit realized. Watching for another leg higher to break the resistance.Note
More sideways action. Full patient position.Note
Article of interest and highly relevant at that bloomberg.com/news/articles/2024-04-23/gold-s-record-setting-rally-may-have-its-roots-in-chinese-frenzyNote
HEre is another nasdaq.com/articles/why-is-gold-ignoring-higher-rates-and-a-stronger-dollar
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