XAUUSD: After 1180, the next move is 1140 before 1080
Gold is loosing weight, and the path of the precious metal is set to go to 1140 before coming to 1080 and 1060. I do expect a stabilization at 1060 max unless the move is so quick and dense that the precious metal may fall bellow 1000 to 960 but we are not there yet, and it is very much too early to predict. However, as you may know, past supports level became resistance and that is why it is very much important to observe forthcoming support level.
At the present time, 1180 was a support level that became a resistance.
1150 and the neighborhood is a solid support level bellow which we may really go quickly towards 1140, 1120 and 1080.
On a macro economic point of view, there is no yet any reason for investor to go towards XAUUSd and diversify its investment, because there is no prospect yet of inflation, nor any short term move on the interest rate. Therefore, Gold will be an interesting commodity to invest on when there will be at least one of the two reason on the table at a foreseeable future.
For those who shorted gold since 1800, of course, you can keep your position. For others, unless you are a day trader, it would be wise to wait and see the shape of XAUUSD and a stabilisation before entering a long position.
Enjoy your week-end
At the present time, 1180 was a support level that became a resistance.
1150 and the neighborhood is a solid support level bellow which we may really go quickly towards 1140, 1120 and 1080.
On a macro economic point of view, there is no yet any reason for investor to go towards XAUUSd and diversify its investment, because there is no prospect yet of inflation, nor any short term move on the interest rate. Therefore, Gold will be an interesting commodity to invest on when there will be at least one of the two reason on the table at a foreseeable future.
For those who shorted gold since 1800, of course, you can keep your position. For others, unless you are a day trader, it would be wise to wait and see the shape of XAUUSD and a stabilisation before entering a long position.
Enjoy your week-end
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