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What's next for Gold (XAUUSD)?
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What's next for Gold?
If you take a closer look at our previous week's gold prediction, you can see everything went as planned. Gold broke our determined resistance zone, went for a pullback and skyrocketed to the 2020's high. The question is, what now? Price got rejected from 2070, and looking at 4H, created a sort of perfect head & shoulders. That should give us a signal for bearish movement. Price action did go down to 1960 (again our support zone), but an immediate bounce from it signals that price actually can't be traded lower. Why is that? As stated in the last gold idea, the price is closely related to the war between Russia and Ukraine. The thing is, it's not only about the war anymore, but every country (including yours) is also experiencing high inflation. Take a look at the prices in your country. There are high possibilities they went up. Gold as the primary measure against inflation can't go any lower. Demand increased. We are expecting bullish movement again with a possible target of 2000+. Use faster timeframes for entries (as stated on the chart). Tight stop losses on entry!
What's next for Gold?
If you take a closer look at our previous week's gold prediction, you can see everything went as planned. Gold broke our determined resistance zone, went for a pullback and skyrocketed to the 2020's high. The question is, what now? Price got rejected from 2070, and looking at 4H, created a sort of perfect head & shoulders. That should give us a signal for bearish movement. Price action did go down to 1960 (again our support zone), but an immediate bounce from it signals that price actually can't be traded lower. Why is that? As stated in the last gold idea, the price is closely related to the war between Russia and Ukraine. The thing is, it's not only about the war anymore, but every country (including yours) is also experiencing high inflation. Take a look at the prices in your country. There are high possibilities they went up. Gold as the primary measure against inflation can't go any lower. Demand increased. We are expecting bullish movement again with a possible target of 2000+. Use faster timeframes for entries (as stated on the chart). Tight stop losses on entry!
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