Gold is being sold aggressively following Powell's comments on the expected inflation yesterday, despite being considered a counter-inflation asset. Technically that sell-off can be attributed to the chart I posted 1 week ago on the selling pressure that the top of the long-term Triangle applies:
On the shorter term and the 1D time-frame, Gold has formed a very structured Channel Up. That is similar to the pattern of late September - October, which eventually broke to the upside and reached as high as the 3.0 Fibonacci extension. In case of a breach there is a last Support involved, which on November 03 gave the final bottom before the rally. We have set a medium-term target of 1875 (just below the next Resistance) for the next Higher High.
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On the shorter term and the 1D time-frame, Gold has formed a very structured Channel Up. That is similar to the pattern of late September - October, which eventually broke to the upside and reached as high as the 3.0 Fibonacci extension. In case of a breach there is a last Support involved, which on November 03 gave the final bottom before the rally. We have set a medium-term target of 1875 (just below the next Resistance) for the next Higher High.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.