my September 6 analysis of gold(xauusd) was spot on (attached in related ideas below), I once again thank all the trader who followed my idea and bagged big chunk of profits. Xauusd gave us the quadruple top rejection as expected at this point gold has dipped below 1800 barrier so what could be the next destination for gold ? lets find out.
Technical analysis: Gold has now dipped below 1800 barrier and is currently trading at 1798-99 at the time of writing. Gold has completely turned bearish and 1792 is only barrier for gold to break at the moment. I do not want to completely ignore possible pullback to 1808 level before continuing its original trend . There are multiple resistances level above 1800 level whereas for bearish side only 1792 and 1778 are the major ones. So i gave more probabilities to the downside and i am expecting an aggressive takedown to downside once 1792 levels gets broken .
Fundamental Analysis: Dxy and US10Y bonds are having a decent recovery and in the absence of macroeconomic news this month as well as there is a lot of optimism from fed and Biden's speech regarding plan to recovery of jobs which is scheduled later this week so we may see sides flipping soon for us dollar as this kind of economy will not work out on longer term for us dollar as a market leader. So, fundamentally as well
I am expecting a bullish dollar week which will of course be harsh for gold.
I have personally engaged my selling order with an entry of 1799 and a wide stop loss of around 200 pips . I might close my positions early if I see negative signs to my analysis and will surely add more orders if I see a clear break of 1792 level as well.
Technical analysis: Gold has now dipped below 1800 barrier and is currently trading at 1798-99 at the time of writing. Gold has completely turned bearish and 1792 is only barrier for gold to break at the moment. I do not want to completely ignore possible pullback to 1808 level before continuing its original trend . There are multiple resistances level above 1800 level whereas for bearish side only 1792 and 1778 are the major ones. So i gave more probabilities to the downside and i am expecting an aggressive takedown to downside once 1792 levels gets broken .
Fundamental Analysis: Dxy and US10Y bonds are having a decent recovery and in the absence of macroeconomic news this month as well as there is a lot of optimism from fed and Biden's speech regarding plan to recovery of jobs which is scheduled later this week so we may see sides flipping soon for us dollar as this kind of economy will not work out on longer term for us dollar as a market leader. So, fundamentally as well
I am expecting a bullish dollar week which will of course be harsh for gold.
I have personally engaged my selling order with an entry of 1799 and a wide stop loss of around 200 pips . I might close my positions early if I see negative signs to my analysis and will surely add more orders if I see a clear break of 1792 level as well.
