Hi guys! 👋🏻
🔔 Some data to consider: Several Central Banks, including CBs of Hungary, Japan, Turkey and India have increased their Gold reserves in March, total purchases of all banks exceeded 172.2 tones. Central Bank of Hungary purchased 63 tones of gold to hedge from the US inflation, while Turkey, India and Japan CB's are most likely to hedge the risk of the devaluation of their local currencies.
🔔 Gold's been bullish since April, after retest of the early March support, forming a double bottom pattern, however the weak impulse didn't let Gold to close above the resistance at $1798.
🔔 Gold will resume the bullish sentiment only if closes above the aforesaid resistance for now. There also is a strong barrier represented by MA100. This Moving average also lays above the $1798 resistance.
🔔 If Gold fails to break above MA100 and $1798, and moreover closes below EMA50, we might witness another heavy drop as we witnessed in late January 2021.
🔔 Bullish continuation of Gold might be backed by the rarpidly growing US economy, which leads to the anxiety of the interest rate hike, geopolitical tensions and the spread of coronavirus.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Some data to consider: Several Central Banks, including CBs of Hungary, Japan, Turkey and India have increased their Gold reserves in March, total purchases of all banks exceeded 172.2 tones. Central Bank of Hungary purchased 63 tones of gold to hedge from the US inflation, while Turkey, India and Japan CB's are most likely to hedge the risk of the devaluation of their local currencies.
🔔 Gold's been bullish since April, after retest of the early March support, forming a double bottom pattern, however the weak impulse didn't let Gold to close above the resistance at $1798.
🔔 Gold will resume the bullish sentiment only if closes above the aforesaid resistance for now. There also is a strong barrier represented by MA100. This Moving average also lays above the $1798 resistance.
🔔 If Gold fails to break above MA100 and $1798, and moreover closes below EMA50, we might witness another heavy drop as we witnessed in late January 2021.
🔔 Bullish continuation of Gold might be backed by the rarpidly growing US economy, which leads to the anxiety of the interest rate hike, geopolitical tensions and the spread of coronavirus.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
