Gold has been on a tear lately, with the price of gold reaching new highs. However, I believe that gold is now ripe for a sell trade. Here’s why…
Gold is on the move, and there could be money to be made by trading it! In this post we’ll take a look at a setup that could lead to a sell trade.
We’ll use pivot points to help us identify key levels, and then look for a bearish reversal pattern to confirm our move. Let’s get started!
Why I think the Gold is going bearish
Gold has been dropping like a lead balloon and appears it is not going to hit ground yet. Since the Linear Regression Channel has fulfilled the channel bottom we are using the Zigzag Channel and Fibs which give us a target of 1750.095. This should be the “D” wave of the Elliot Wave.
Close monitoring of this pair to see if it does move past 1817.894 on the 4 hour time frame should bring in good pips for Gold enthusiasts on the lower time frames and another set up for wave 1 of the next Elliot Wave.
What are the forex experts saying about the gold prediction?
Crowdwishdom: Bearish gold price forecast
What will be the price of gold in 2022?
Walletinvestor: Bullish gold prediction
Gold is often seen as a safe-haven investment, which makes it attractive during times of political or economic uncertainty.
Gold-eagle: Bullish long-term forecast for gold
XAU/USD (Gold) is one of the most popular and oldest currency pairs in the Forex market. It has a high liquidity and is traded around the clock.
At what level is gold price Expected to Rise?
According to 30rates, gold is expected to reach 2,056 within the next 30 days.
At what price is gold price expected to drop?
Gold is expected to drop down to 1,936 levels in the end of 2023, according to LongForecast.
What to do next?
It’s time to boost your trading account with some signals that I really believe in. I also shared the best trading ideas for EURUSD and GBPNZD – they are updated frequently. Let me know your thoughts.
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