Long term Gold Analysis
Overall commentary on gold
For centuries, Gold represented the safe heaven asset, and looking at weekly XAUUSD (Goldspot) chart it is noticeable that from the beginning and during every great crisis or repression, Gold was the safest asset to invest in.
As the 2007-2008 financial crisis started, gold price began rising. It rose cca #1.182,00 points till August 2011, after which huge downfall on Gold Price is evident.
During the Q4 2011, candles on weekly chart formed descending triangle, which on April 13th 2013 gets broken, and price action hits its Lower High margin (#1.241,80), calling for it's #1.060,80 extension.
During previously mentioned period, weekly candles formed double top pattern, which is also great pattern to look up to, as Gold Spot most usually repeats its cycles.
It is beginning of 2020, and yet another great crisis is about to happen'. Investors predicted that the Covid 19 could hit the World markets effectively, and same as usual, Gold price, once again, in June 2020, reached it's Higher High margin (#2.072,00). Following the next few months, it is noticeable that yet another descending triangle was formed (now, bottom line is #1.681,00) and, same as of previously mentioned period, double top formation is visible.
My position regarding Long term Gold Spot price is, if descending triangle bottom line/support line gets broken, which I think will happen soon, most probably in Q1, 2022, or eventually Q2, 2022, as Fed is constantly manipulating market, postponing and preventing Gold's decline, Gold should once again, reach it's previous cycle support or pandemic beginning resistance of #1.523,80, or #1.350,80 in extension (same decline of cca #320 points as of April-June 2013th).
Overall commentary on gold
For centuries, Gold represented the safe heaven asset, and looking at weekly XAUUSD (Goldspot) chart it is noticeable that from the beginning and during every great crisis or repression, Gold was the safest asset to invest in.
As the 2007-2008 financial crisis started, gold price began rising. It rose cca #1.182,00 points till August 2011, after which huge downfall on Gold Price is evident.
During the Q4 2011, candles on weekly chart formed descending triangle, which on April 13th 2013 gets broken, and price action hits its Lower High margin (#1.241,80), calling for it's #1.060,80 extension.
During previously mentioned period, weekly candles formed double top pattern, which is also great pattern to look up to, as Gold Spot most usually repeats its cycles.
It is beginning of 2020, and yet another great crisis is about to happen'. Investors predicted that the Covid 19 could hit the World markets effectively, and same as usual, Gold price, once again, in June 2020, reached it's Higher High margin (#2.072,00). Following the next few months, it is noticeable that yet another descending triangle was formed (now, bottom line is #1.681,00) and, same as of previously mentioned period, double top formation is visible.
My position regarding Long term Gold Spot price is, if descending triangle bottom line/support line gets broken, which I think will happen soon, most probably in Q1, 2022, or eventually Q2, 2022, as Fed is constantly manipulating market, postponing and preventing Gold's decline, Gold should once again, reach it's previous cycle support or pandemic beginning resistance of #1.523,80, or #1.350,80 in extension (same decline of cca #320 points as of April-June 2013th).
评论:
misspelled, as I wrote about monthly chart
