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Spotgoldlong

XAUUSD- Extended View Long Bias Spot GoldXAUUSD on the daily chart has been in a trend down from $2179 since early May when its candle wicks also reached into the zone between the lines two standard deviations above two different anchored VWAPs set at the early and late February high and low pivots. In the past week, Spot Gold pivoted above the support of the aVWAP lines one standard deviation below the mean. The MACD indicator predicted the reversal with a double bottom shown as a green line. Above the current price are the mean VWAP and the confluent POC line of the long-term volume profile at 1959. From my analysis of these findings, I will take a long trade entering @ 1959 targeting first 2000 and then 2060 based on the trending of the aVWAP bands. I may also review the JNUG ETF and have already taken a position in GLD.
FX:XAUUSD
by AwesomeAvani
Spot Gold - Does a Chart Pattern suggest a Roadmap?On the monthly chart over the past 12-15 years, XAUUSD appears to have printed a cup and handle pattern now with the price above the trigger for bullish continuation. Trading volumes have persistently increased over the years but especially since COVID. Perhaps central banks are gradually accumulating and hedging the challenges to fiat currency. Since the cup height is about $ 850 and the width is about ten years, the pattern might predict a gold price rise from $1950 + $850 = $2800 over a period of half the cup width or five years. Fundamentals including geopolitical and macroeconomic events trump any technicals. The stochastic RSI shows spot gold at the lows right now. The long-term volume profile suggests the most trading volume was at about $1295 over the visible ( POC line) Price being well above that line is a bullish bias overall. The long-term anchored VWAP originating at the cup base shows gold price is currently one standard deviation above the mean VWAP band, making it high in the fair value zone. Gold supply/mining may be fairly linear with increasing production costs such as labor, energy, and others subject to inflation. Gold demand may be rising as the chart shows rise rising above the POC line and into higher VWAP bands. The combination of increased mining costs and gold demand perhaps increasing at more than linear points toward the the potential of rising prices moving forward.
FX:XAUUSDLong
by AwesomeAvani
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