GOLD: A SAFE HEAVEN IN UNCERTAIN TIMES

13 באוק׳ 2023

GOLD

My current views on GOLD:

Short chart explanation.
This structure can be:

1. A continuation of the bigger WXY - forming another XZ correction (so the price is heading on the downside)

2. A correction at a smaller degree (ABC), finishing a potential Wave A on the downside, before bouncing forming the Wave B on the upside, potentially reaching again the top main resistance point.

Deeper insights:

In recent months, gold prices have been on the rise, as investors have sought to protect their wealth from inflation and the potential for a recession. The ongoing conflict in Ukraine has also boosted demand for gold, as investors have sought to hedge against geopolitical risks.

Technical Analysis

On the 30-minute chart, gold is currently trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term.

https://s3.tradingview.com/snapshots/5/5RHWvnfO.png

On the 4-hour chart, gold is also trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term.

https://s3.tradingview.com/snapshots/1/1ePSEWfX.png

On the daily chart, gold is also trading in a bullish trend. The price is above all major moving averages, and the RSI and MACD indicators are both bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term.

https://s3.tradingview.com/snapshots/r/RqDeWxAf.png

Conclusion

Overall, the technical and fundamental outlook for gold is bullish. The price is above all major moving averages on the 30-minute, 4-hour, and daily charts, and the RSI and MACD indicators are all bullish. This suggests that the bulls are in control and that the price could continue to move higher in the near term.

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