#XAUUSD ANALYSIS.. BEARS WILL TAKE CONTROL..
I think, bears will dominate the market for a while.. The weekly chart of gold does not produce good signals..
First, we see the ascending broadening wedge pattern, this means bull market will be over soon.. Also, there is a negative divergence in momentum.. I indicated the support and resistance points on the chart, I think the price will decrease to POC level; $ 1320..
After the big drop in oil prices, let's leave technical indicators aside and think; do oil exporting countries have gold reserves to sell? What will be the price of gold if they start selling gold to create resources?
Disclaimer: I am not a financial advisor.. Please do your own due diligence.. Never put in money that you cannot afford to lose.. Invest at your own risk..
I wish you all the best..
First, we see the ascending broadening wedge pattern, this means bull market will be over soon.. Also, there is a negative divergence in momentum.. I indicated the support and resistance points on the chart, I think the price will decrease to POC level; $ 1320..
After the big drop in oil prices, let's leave technical indicators aside and think; do oil exporting countries have gold reserves to sell? What will be the price of gold if they start selling gold to create resources?
Disclaimer: I am not a financial advisor.. Please do your own due diligence.. Never put in money that you cannot afford to lose.. Invest at your own risk..
I wish you all the best..
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.
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.