Gold ready for the NEXT leg down to $1,710Gold has reached the first target of the Inverse Cup and Handle...
It seems to be stabilizing around these levels. But it seems to only be a short term (1 or 2 weeks).
If the price breaks below the support, we will most likely see the next target at $1,710.
As we are dealing with a less favoured precious metal compared to the past, this will require some patience to hold onto these shorts.
I'm bearish for now...
Goldcommodity
XAUUSD (Gold) Commodity Analysis 25/04/2022 Fundamental Analysis:
Russia has Pegged the RUB to Gold and The Globalists are Conspiring against their currency and Practically shorting their RUB which may Couse the Price of Gold falls to the lower levels
as of now we can target the Smaller Cycles.
Technical Analysis:
the Price could not break its past ATH and it has already distributed lots of Volume on its Descending trend,
as you can se the price is renege bounding in an Parallels ascending channel .
we have defined the Target using the Fibonacci Retracement level of 61.8 which has the confluences with the lower bound of the ascending parallels channel.
there exists a Resistance area where the Price may not be able to break trough in case of Parabolic Biases and may fall back to the lower levels