GOLD
GOLD is still bearish overall and it's had a midterm pullback which was expected and the zone has been called to perfection (check our last breakdown). There are bearish signs from this level but there is still buying influence. DXY is still climbing and looks bullish in the mid term so GOLD should carry on with a decline. I see us pushing into the 1800s first (1806-1809) before we see another sell off. The higher the dollar rises the bigger the crash will be and the faster GOLD will rally.
I still see bottom prices coming through first though, 1650 > 1630 > 1580 > 1563
We have been calling increasing interest rates and recession for 6 months now and commodities (crypto, gold, usoil and other store of value are being driven down for bottom prices to be bought up as a hedge against inflation). There will be a correct time to buy GOLD but it isn't yet!
GOLD is still bearish overall and it's had a midterm pullback which was expected and the zone has been called to perfection (check our last breakdown). There are bearish signs from this level but there is still buying influence. DXY is still climbing and looks bullish in the mid term so GOLD should carry on with a decline. I see us pushing into the 1800s first (1806-1809) before we see another sell off. The higher the dollar rises the bigger the crash will be and the faster GOLD will rally.
I still see bottom prices coming through first though, 1650 > 1630 > 1580 > 1563
We have been calling increasing interest rates and recession for 6 months now and commodities (crypto, gold, usoil and other store of value are being driven down for bottom prices to be bought up as a hedge against inflation). There will be a correct time to buy GOLD but it isn't yet!
