XAUUSD 1W big picture view
3 horizontal levels marked on chart
- 1555 weekly support/resistance relevant for the last 10 years as seen on chart
- 1790-1800 weekly support/resistance relevant for the last 10 years as seen on chart
- 1920 highest level of all time, target price for now if we close a weekly candle above 1790-1800 resistance.
Also, triangle pattern between June 13-June 19 - breakout UP June 19.
The breakout above the triangle is what started the huge $500 rally so far.
At the moment we are very close to testing the 1790-1800 support/resistance - weekly close above 1790-1800 will target a swift movement towards 1920.
A drop below 1790-1800 will target 1680 support in the short-mid term and may even test as low as 1555 weekly support/resistance. Would be an identical move to what we've seen 2011.
On the fundamental point of view, Gold is a safe haven.
Right now there is a lot of uncertainty - which will push Gold.
There is also the option of Gold price dropping together with the equity markets (stocks) - as there will be a ton of margin calls and therefor people will be selling Gold to cover for margin calls. But it's a very temporary situation where Gold will for sure recover back up following (as seen march 2020).
Long story short,
Gold is very close to a critical level, meaning - big movement up coming or big movement down, depending on behavior around 1800.
NFP on Thursday will likely be the necessary trigger for the movement.
On a personal note - good chance for breaking 1800.
- 1555 weekly support/resistance relevant for the last 10 years as seen on chart
- 1790-1800 weekly support/resistance relevant for the last 10 years as seen on chart
- 1920 highest level of all time, target price for now if we close a weekly candle above 1790-1800 resistance.
Also, triangle pattern between June 13-June 19 - breakout UP June 19.
The breakout above the triangle is what started the huge $500 rally so far.
At the moment we are very close to testing the 1790-1800 support/resistance - weekly close above 1790-1800 will target a swift movement towards 1920.
A drop below 1790-1800 will target 1680 support in the short-mid term and may even test as low as 1555 weekly support/resistance. Would be an identical move to what we've seen 2011.
On the fundamental point of view, Gold is a safe haven.
Right now there is a lot of uncertainty - which will push Gold.
There is also the option of Gold price dropping together with the equity markets (stocks) - as there will be a ton of margin calls and therefor people will be selling Gold to cover for margin calls. But it's a very temporary situation where Gold will for sure recover back up following (as seen march 2020).
Long story short,
Gold is very close to a critical level, meaning - big movement up coming or big movement down, depending on behavior around 1800.
NFP on Thursday will likely be the necessary trigger for the movement.
On a personal note - good chance for breaking 1800.
Nota
Check the new Gold update from 8/4/2022 , my big picture view of Gold has proven to be accurate and expectation up was breached significantly with 1920 turning into 2080 within just weeks!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.