Golden, Green, or Scarlet
Updated
Hey There, Welcome Back. Today we analyze the evergreen hedge commodity.
- If you are an Indian, Given that Gold rallied almost 17% in a very short span You must be quite happy. We Indians love gold. Especially, the ladies in our homes.
- The chart of Gold Futures is showing something interesting. The price took quite a rejection from the recent support zone.
- If this rejection holds, we may see a correction/retracement.
- On the other hand, we may just see a consolidation phase (Which is usual after a good rally)
- Only future price action will tell what's what but in the meantime, here are a few rumors/updates to know in the vicinity of Gold (Some are just rumors so take it with a pinch of salt):
- BRICS Bloc is rumored to introduce a gold-backed currency that will any day be more reliable than the flat currency every other country has.
- US is battling Economy slowdown and recession. The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023- Al Jazeera.
- The US Credit ratings were reduced to AA+ from the elite AAA
- If the BRICS Currency comes out, 85% of the global population will stop using US Dollars for intra trades settlement (BRICS Nations)
- Russia is out of the SWIFT System meaning USD Dealings are off the table. That reduces the demand for dollars.
- Saudi Arabia is rumored to join BRICS. Also, for the first time, they are considering accepting other currencies besides the Dollar for Oil trades. This may hugely impact the almighty dollar.
- In the calendar year 2022, central banks around the world purchased a record 1,136 tonnes of gold.
- RBI’s hoard of gold is now almost 800 tonnes
- China’s Central Bank is accumulating gold for straight 9 months
- Gold may soon be the King once again.
Does that mean we will start buying gold at any given price? Absolutely Not. But we will surely keep a check on the global news, the price action, and our overall asset allocations.
Have Requests, Questions, or Suggestions? DM us or comment below.👇
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
- If you are an Indian, Given that Gold rallied almost 17% in a very short span You must be quite happy. We Indians love gold. Especially, the ladies in our homes.
- The chart of Gold Futures is showing something interesting. The price took quite a rejection from the recent support zone.
- If this rejection holds, we may see a correction/retracement.
- On the other hand, we may just see a consolidation phase (Which is usual after a good rally)
- Only future price action will tell what's what but in the meantime, here are a few rumors/updates to know in the vicinity of Gold (Some are just rumors so take it with a pinch of salt):
- BRICS Bloc is rumored to introduce a gold-backed currency that will any day be more reliable than the flat currency every other country has.
- US is battling Economy slowdown and recession. The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023- Al Jazeera.
- The US Credit ratings were reduced to AA+ from the elite AAA
- If the BRICS Currency comes out, 85% of the global population will stop using US Dollars for intra trades settlement (BRICS Nations)
- Russia is out of the SWIFT System meaning USD Dealings are off the table. That reduces the demand for dollars.
- Saudi Arabia is rumored to join BRICS. Also, for the first time, they are considering accepting other currencies besides the Dollar for Oil trades. This may hugely impact the almighty dollar.
- In the calendar year 2022, central banks around the world purchased a record 1,136 tonnes of gold.
- RBI’s hoard of gold is now almost 800 tonnes
- China’s Central Bank is accumulating gold for straight 9 months
- Gold may soon be the King once again.
Does that mean we will start buying gold at any given price? Absolutely Not. But we will surely keep a check on the global news, the price action, and our overall asset allocations.
Have Requests, Questions, or Suggestions? DM us or comment below.👇
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
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Daily Time Frame:Note
Still hanging in thereNote
Looks like Gold picked a side.Note
First Support:Note
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BOOM!Note
65 Freaking thousand !!Note
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Lets Go!Note
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Sideways MomentumNote
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