As illustrated, I'm trying to visualize a brief pull back next week making the low of the week early into Monday.
Potentially ASIA making the week's low on Monday's open.
I was able to visualize the path to 3200, and showed in a past idea how 3200 COULD HOLD as support ... so I wouldn't be surprised if price doesn't even get to 3100, although it could very well find a support there as it is a strong psychological + institutional price at which many central banks, brokers, hedge funds, etc could be dealing gold.
In other words, institutions willing to add long positions or even position themselves for the week, they'll do it a these key round numbers easy to deal big orders with... (3,200; 3150, 3100, etc).
That being said, we can't ignore or take out the fundamental aspect of gold which, as a matter of fact, it is its main driver until this day. That is: tariff war escalating, stock market on the edge of a cliff, geopolitical conflict very uncertain, ... and much more.
Not only investors are protecting their assets with gold, but CENTRAL BANKS keep purchasing gold... for a reason...
I've said it multiple times before: any dip is a buying opportunity. Every correction is a bear trap... to traders that think gold is like any other FOREX pair that responds to "divergence" or "stochastic crossovers" or some random indicator.
As these retail traders pile in with short trades, the trend continues to take them out and all of that liquidity is actually serving as more gas and power for gold to expand higher and higher... since for every buyer there must be a seller ...
"But it's so expensive"... well... define "expensive". There is no historical point that defines today's price as "expensive" ... it's simply the new and actual price of gold.
THE TREND IS YOUR FRIEND.
--
GOOD LUCK!
Potentially ASIA making the week's low on Monday's open.
I was able to visualize the path to 3200, and showed in a past idea how 3200 COULD HOLD as support ... so I wouldn't be surprised if price doesn't even get to 3100, although it could very well find a support there as it is a strong psychological + institutional price at which many central banks, brokers, hedge funds, etc could be dealing gold.
In other words, institutions willing to add long positions or even position themselves for the week, they'll do it a these key round numbers easy to deal big orders with... (3,200; 3150, 3100, etc).
That being said, we can't ignore or take out the fundamental aspect of gold which, as a matter of fact, it is its main driver until this day. That is: tariff war escalating, stock market on the edge of a cliff, geopolitical conflict very uncertain, ... and much more.
Not only investors are protecting their assets with gold, but CENTRAL BANKS keep purchasing gold... for a reason...
I've said it multiple times before: any dip is a buying opportunity. Every correction is a bear trap... to traders that think gold is like any other FOREX pair that responds to "divergence" or "stochastic crossovers" or some random indicator.
As these retail traders pile in with short trades, the trend continues to take them out and all of that liquidity is actually serving as more gas and power for gold to expand higher and higher... since for every buyer there must be a seller ...
"But it's so expensive"... well... define "expensive". There is no historical point that defines today's price as "expensive" ... it's simply the new and actual price of gold.
THE TREND IS YOUR FRIEND.
--
GOOD LUCK!
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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.