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XAU/USD sell opportunity!!!!Hi traders hope everyone had a good weekend.This is my analysis for gold this upcoming week. Okay last week identified the key area of broken support looking to turn resistance at the 1585.48 level. It’s a area to start and look for a pullback and a potential move to the downside. We are also forming somewhat of a head and shoulders pattern ,so going into this week the 1585.48 level is a nice place to start and look for those bearish patterns and if we get the rights kind of bearish setup in this market we’re going to be looking at selling the market down to the next key level of support the 1536.74 level, and if we get a break through that level ,our next targets will be 1515.40. Hope this analysis was helpful. Feel free to like and follow for more ideas!!! Good luck and hope you all have a profitable week.
OANDA:XAUUSDShort
by FX-SPOT
2
Pennant - Thoughts on road ahead for gold?Possible long trade to 1478-1523 area. We seem to currently be at the pivotal moment for gold. Either a breakdown or continuation will happen, depending on market sentiment, inflation and the Fed's decisions. My thoughts: If inflation picks up, gold is a popular hedge against it. This could mean gold prices move up. However, higher inflation lowers expectations of a rate cut. If there is no rate cut, gold is less attractive. Gold performs well if there is fears of a recession and a stock market crash. Fed chair Powell is hinting that a preventative rate cut could be on the table in July, lowering fears of a recession. I think expectations about the Fed's decision are more important for gold than inflation itself, meaning if inflation picks up the lowered expectations for a cut would outweigh the inflation hedge argument, sending gold lower. Since the Fed is hinting at a rate cut, I favor the bullish argument in the shorter term. In the longer term, stronger economic growth and a rising stock market following the cut could encourage risk-on sentiment, sending gold lower again. What do you guys think? I would love to hear your thoughts on gold going forward, so please leave a comment and contribute to the discussion!
TVC:GOLDLong
by bjohel
2