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PULLBACK BEFORE BOUNCE - $2750 / $2800 NEXT
#XUA 📈📉
As illustrated, market has grabbed liquidity above a mid-term high just above $2720.
The market is selling all of that liquidity toward the lower side of the internal range, where there is a lot of sell-side liquidity below $2612 (near $2600) and below $2580 (near $2570 in extension).
Should those areas hold as support, the yellow metal should see a strong rebound off of key psychological prices (such as $2600 or $2575/70) to make a year-end bull expansion move reaching near it's historical max of $2790.
The geopolitical situation DOES NOT seem to get better everywhere where there is conflict, and that DOES NOT help global certainty at all; investors will only continue to protect themselves by hedging their portfolios buying more gold. Not to get deep into China's buying cycle starting again after 6 months. Demand will continue to increase, driving prices higher again.
Lastly, global economy is on a very slim rope above a very high pit-fall as inflation continues to rise + the USA plans to put trade tariffs on China, Canada, and Mexico, which will NOT help ease inflation and rather drive prices higher simply because many companies would have to compensate for such tariffs by increasing consumer prices; thus, whichever sector that gets affected must compensate for the increment in prices by also rising the prices of their products; Homes will just get "poorer", specially with al the jobs that could get cut precisely to compensate from an increase in prices. It's a dangerous and risky spiral to assume.
That being said and technically speaking, keep an eye on key psychological price levels and wait for an evident "V" Shape manipulation pattern on the 1H and 4H timeframes in order to take a long entry and try to catch what could be an interesting and promising bullish push.
#XUAUSD #MicroStrategyJoinsNasdaq100 #BitcoinKeyZone #Write2Earn!
As illustrated, market has grabbed liquidity above a mid-term high just above $2720.
The market is selling all of that liquidity toward the lower side of the internal range, where there is a lot of sell-side liquidity below $2612 (near $2600) and below $2580 (near $2570 in extension).
Should those areas hold as support, the yellow metal should see a strong rebound off of key psychological prices (such as $2600 or $2575/70) to make a year-end bull expansion move reaching near it's historical max of $2790.
The geopolitical situation DOES NOT seem to get better everywhere where there is conflict, and that DOES NOT help global certainty at all; investors will only continue to protect themselves by hedging their portfolios buying more gold. Not to get deep into China's buying cycle starting again after 6 months. Demand will continue to increase, driving prices higher again.
Lastly, global economy is on a very slim rope above a very high pit-fall as inflation continues to rise + the USA plans to put trade tariffs on China, Canada, and Mexico, which will NOT help ease inflation and rather drive prices higher simply because many companies would have to compensate for such tariffs by increasing consumer prices; thus, whichever sector that gets affected must compensate for the increment in prices by also rising the prices of their products; Homes will just get "poorer", specially with al the jobs that could get cut precisely to compensate from an increase in prices. It's a dangerous and risky spiral to assume.
That being said and technically speaking, keep an eye on key psychological price levels and wait for an evident "V" Shape manipulation pattern on the 1H and 4H timeframes in order to take a long entry and try to catch what could be an interesting and promising bullish push.
#XUAUSD #MicroStrategyJoinsNasdaq100 #BitcoinKeyZone #Write2Earn!