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Goldbuy

Trendline was broken-Bullish scenario GOLD The previous day candle was closed just around 1.9k double bottom formed around 1670.00 was a key reversal area for the bull .50 Fibonacci and price action level i have marked in the chart was acted as good support for the bullish trend.The upper side trend line was broken on May-17 and retested on May-19. 1924.00 would be a immediate resistance for the bull. The upper side target would be 1960.00 and the extended target was 2074.00 which is ATH. 1960.00 was this year high.
OANDA:XAUUSDLong
by forexorbit
Gold Investement/Trade Idea LongTechnical Side of the Idea : The weekly chart highlights the significant corrective phase that gold has been in since peaking in August of last year, with price grinding just over 19% lower to test the 0.61 for the first time since May of 2019. This downhill slog however, still doesn’t seem to be a change in the overall bullish trend seen over the last three years, as prices carve out a possible Bull Flag continuation pattern. Zooming into the daily chart reinforces the bullish outlook depicted on the weekly timeframe, as prices validates the topside break of a Double Bottom reversal pattern. But i would Liek to see another Buttom To Confrim the Upside Move . Please Note : The price can Move directly Too or Retrace to 1707 First . Have an Eye on it . if The price Made a Third Buttom we are going to Visit 3700$ Easy In the next 3 Years . Fundamental Analysis : A Classic Eearly Sign of a commodity Cycle , Mining Industry Nonfram Payrolls near Historical lows , This Happend in Early 1970,2000s , Both Marked the onset of a commodities Bull Market , Normally Labor and capital constraints are the amplifiers of Bull Market in Resource Stocks ,On The Other side We saw that house prices went down during the global financial crisis, and the stock market had significant losses. We see the opposite happening now, and it is not a surprise that people think there is a bubble because it doesn´t make sense. The fundamentals of most companies in the S&P 500 did not improve because of the COVID-19 crisis, but still, their value went up. The fundamentals for Gold might have improved, but the increase in value is unprecedented. Remember the definition of inflation; inflation reflects a reduction in the purchasing power per unit of money. What we see is hyperinflation. It is not the increase in worth of S&P 500 companies, houses, ect, but is the loss of value of our dollars and euros that we are seeing. This is the result of the almost unlimited printing of dollars and euros. Our dollars and euros are losing value rapidly, it doesn´t show in your groceries, but it shows in other things this time. There is no bubble; there is hyperinflation. If you have Any Questions don't Hesitate to Comment or Contact me . S.Sadki
OANDA:XAUUSDLong
by SaraSadki
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