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🔥 XAU/USD - First Long , Then SHORT (READ THE CAPTION)

Updated

By re-examining the gold chart, we see that according to our expectations, gold continued to grow and has been able to grow up to $2008! Today we will have the important statistics of PPI, if the Actual rate is announced higher than expected rate, we can see the growth of the dollar index (DXY) and the fall of the gold price! In my opinion, it is possible that today the price will have a growth up to the range of 2011$ to 2019$ and then finally it will face a further fall, and the targets of this possible fall will be 1997$, 1985$ and 1977$, respectively!

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Note

As I expected, the Actual rate was announced much higher than the expected rate and is falling heavily!

Note

By checking the gold chart in the daily time frame, we can see that as we expected, the actual PPI rate was announced 0.3% and the actual Core PPI rate was announced 0.5%, which were much higher than the predicted rate of 0.1% , And for this reason, the dollar index (DXY) was accompanied by growth and gold with a heavy fall and corrected from $2008 to $1995! In my opinion, next week we will see a relative growth first and then with a further fall of gold! So our main view is still Bearish !

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As you can see, the price of gold finally managed to reach the important level of 2011$ and the first reaction to this level was negative and caused the price to correct until 2007$! As I said in the main analysis, when the price enters the range of $2011 to $2019, we can expect another drop from gold! As I said in the previous analysis, the main view is still bearish and its possible targets will be $1997, $1985 and $1977 respectively! (Sell Position Activated)

Note

As you can see, based on my expectations, gold started to grow more at the beginning of the market and even went beyond the 2019 $ target, and after it grew to the 2023 supply range, it was again accompanied by selling pressure and is currently trading in the range of 2018$! Be careful that if gold stabilizes below the supply range of $2023 to $2038, we can expect another drop from this range! Note that the U.S. and Canada markets are closed today and the market volume will be at its minimum!

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