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[Gold] Will the 1800 wall be pierced?

It may look like the "60 minutes" interview with the FED chairman Jerome Powell helped pushed the price higher, and to some extent it may have had an positive impact on price. But the question remains: will the 1800 wall be pierced in the next few days?

I still believe there is a good chance it won't (at least for the short term) which could present all with a good opportunity to buy at lower levels.

Round number 1800 which is a major resistance that goes back to 2011/2012
Price action being squeezed on the late stage of a multi week ascending wedge (bearish)
Weaker momentum with a multi week bearish RSI divergence on daily chart
Pitchfork's highest trend line (in red) has been resistance since August 2019 and aligns with previous indicators

I'm expecting price to revisit the Ichimoku Cloud before going higher which could be the beginning of the formation of an handle in a multi year Cup and handle pattern. This may align with a clearer perception in a few months if the economic reality is leaning to more inflation (bullish for gold) or worst, a depression (which is bearish for gold).

Note

Note

Moving down strongly on oversold RSI area (1h chart) and a bouncing down on support line (i.e. making it resistance) would make the best confirmation of this idea.

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Cool!
✅ Confirmation of resistance @ 1740 USD and 40 RSI
✅ Pierced support line 1729 USD

Note

Note

Touched cloud as expected and looks like it may bounce here.

Let's see how price action behaves around 1700 (red).

Note

I still think 1600 is possible (blue target).

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