Assalam and hi all.
Its been a bit volatile in recent days for the gold trade. But, the indicator for both technical and fundamental are there, clear. Just a denial mindset to accept the data and foreseeing the upcoming move sometimes played all of us. Worried and out of words.
Looking at the gold movement today, and referring to my early post when gold unlocks the 1950 area, we are still on track with our analysis and plan.
Below, I revealed a comment that I blurred in the previous post.
Part of the reason we analysed gold is to move DOWNTREND, as technically it is strong resistance to move beyond 1970, with current geopolitics sentiment not in favour of Gold(yet). “Investors” needs more cash rolling. Fundamentally, GOLD has all the reasons to go UPTREND, considering the economy and inflation we face. Not to mention, job data and global security concerns.
Currently, 1705 is our 3rd support line or the 3rd area (as illustrated area in the posting). We keep eye on it and hope gold will not be stuck sideways for a long time.
There is something that we can’t control and can’t avoid. Therefore, it is best to focus on what we have, and what we can control and navigate out of these difficult times. Dont wait for the music to stop, make your move. TAYOR. Good luck all.
*Register your free gold account at Quantum Metal using my referral link here!