That is a weekly GOLD chart and we see a 4 week run has stopped just above the 0,382 Retracement line.
But whats next ?
That is very hard to say on this Massive Heavy asset that is going through a revival of use with Nations rebuying GOLD as a backing to various methods of international payments,,,Mostly the BRICS usage....But thatis another story
Gold became the most Oversold it has ever been due to the reasons mentioned above.....But trading continues and so we now see the MACD falling back towards the Neutral Zone.
We can see that the MACD is only Half way to Neutral and that Histogram is a Big candle to the Negative. So the likelyhood is that PA will either Range Longer or Drop again....
However, if we look at the Volume Delta we see that, actually, the Positive BUYING is the Dominant trend
Each one of those Candles starts from 0 and so a tall candle is very much an increase in Buying Volume as opposed to the RED Selling.
We can see on the main chart that PA did Wick down to near the 0.618 and swiftly climbed back up through the 0.5 and 0.382
That happened in ONE week and for Gold, that was a MASSIVE BUY BACK
The GOLD Bulls were in action aand they were NOT American. The USA has not increased its Stockpile of GOLD.
GOLD is VERY Much Run on the Fumes of MACRO FUNDIMENTALS.....and so we have to wait and see what happens in the Stupidly Mad world.
We may see a further Drop.
BUT....Looking at the Longer term
That Arrow ( also in main chart ) shows us the First Major line of support that GOLD would reach should it suffer a sudden massive sell off.....Highly unlikely But...well...World Madness....
This would See GOLD at around 4K an Ounce, or less, depending on when the line was reached.
But I would Watch that 0.5 Fib retrace initialy as strond support should PA turn down.
Thats sits around 4280
Currently, BITCOIN is outperforming Gold again,
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.