GOLD Trend Analysis

2023年12月2日

Price for last 3 weeks have respected the FIB golden zone in all complex pullbacks.
With two wars ongoing and indication of rate cuts as early as Q2 2024, GOLD is fundamentally bullish.

1. This week may start with a bearish run to retrace back into the FVG to as deep as into the golden zone.

2. Price close on Friday at 2071.7 the highest a month/week/day has ever closed.

3. NFP will be a game changer as we close in on the ATH and NFP can be the catalyst to breach the ATH or push pass the Golden Zone that have been respected for the respective past weeks.

WHY I THINK GOLD IS BULLISH:
- For reference, Gold reach the previous all time high with Ukraine war ongoing and plummet due to rate hikes (causing US T-Bills being a more lucrative investment).
- Now on top of the Ukraine war, there is the Israel war and rate cuts is foreseeable in the near-future.
- Yes the price action now might be an over-reaction to rate cuts that have not happened
but who is to say that it won't over-react more.

There is of course a caveat, is that NFP do not show an extremely positive data,
which might cause the FEDs to be more liberal in holding rates high, or worse, hike again.

Please provide some insights if you have any, and I will be thankful and happy to learn from everyone!
Stay safe and always trade with the SL

p.s. Please pardon and ignore my long plan in the pic and please DO NOT take it as a signal. As you can see from the predicted price path, both bulls and bears can reap huge amount of pips if you time your entry and exits properly.

THIS IS AN ANALYSIS, NOT A SIGNAL!

Salute,
Teea