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Xaut

REEF IMPENDING A YEARLY BREAKOUTIn this chart of BINANCE:REEFUSDT on a weekly timeframe, the price has touched the strongest trendline of REEF as of this date. As a trader, it sparks excitement for a potential breakout that could happen soon. In this technical analysis, the coin is forming a divergence wherein the price is creating a lower low and our indicators showing a higher low, citing a bullish divergence. And the price movement clearly shows the diagonal support and resistance lines, leading to this yearly falling wedge pattern. Take a peek on the instances of the coin hitting the trendline (highlighted in red) in this chart below. Additionally, the month of October and November proved to be special for the coin and it shows the firmness of the resistance line. If a rejection happens, I will consider this diagonal support for a possible breakdown intraday short play. Today is weekend, so I don't expect a massive movement for now. Though still on a downtrend, expect a massive increase in the price if it breaks out the year-long trendline. We will have to WAIT for that to happen, it's just a matter of time and patience as I would point out in my previous posts. Always PLAN your trades and happy trading!
RLong
by luigi360swirl
3
The importance of Gold & its current price actionMany people consider gold as an inflation hedge, but the truth is that Gold in the present day is more of hedge against policy errors or catastrophic scenarios in broadly. It is more like insurance which could also appreciate in a scenario where real rates are falling. In case for whatever reason the financial system breaks, then gold is probably one of the best assets to hold, especially in physical form. Russia for example has been adding to its Gold reserves and could potentially add a lot more to it if possible, as we have seen that all these sanctions could do a lot of damage on the FX reserves it is holding abroad. So not only the conflict between Ukraine and Russia 'boosted' the price of gold due to all the issues it might cause to the financial system, but also all the uncertainty on an already stressed out system and all the potential money printing that will ensue shortly, have the potential to really take gold even higher. Gold is currently above its 2011 ATHs and the overall price action is very bullish. XAUUSD has broken above most major levels and has retested every single one of them. When the war broke out, it pumped straight to 1970 and then pulled back below the level it was before the war started. Every single breakout has been retested, as even the recent gap up after the nuclear threats was filled. 1910-1920 was the 2011 ATH and recently was resistance that turned into support, while it was also the weekly Pivot. The market bounced on it perfectly and closed the week with immense strength, right its most recent peak. Although it hasn't fully broken out yet, at least not above its GLD 2011 ATHs or generally its recent 2020 ATHs, the strength and the case for Gold is certainly here. In my next ideas I will mention why Gold isn't potentially the best play on inflation, but this doesn't mean it isn't an asset to hold regardless of how high or low inflation might be. As the final chapter of the 4th turning has begun, Gold could really reach 5000-10000 in the next 3-5 years, as breaking above this massive cup & handle pattern would be massive. 10 years in the making and it could really take gold even higher than that, as the devaluation of fiat escalates rapidly. I wouldn't say bet everything on Gold for sure, and I think in the long run Bitcoin is going to do better, while there is also still a chance we see a massive dollar spike that sends gold anywhere between 1350-1650. So be aware that even gold isn't 'riskless' in this environment. Finally some thoughts and ideas on tokenized gold, is that I find it pretty interesting and a decent bet. PAXG and XAUT had some spikes significantly higher than the actual gold price, something that has happened before too. I am using the price of PAXG on Kraken which has seen many spikes before, which could be seen as a potential way to get yield on your gold. By setting sell orders 5-10% higher than the spot price, just in case there is a spike and you are able to make a decent amount and then rebuy lower. You can even go long or short on various crypto platforms even on weekends, which makes it even easier to trade while news occur on weekends.
FX_IDC:XAUUSDLong
by BitcoinMacro
3