🚨 BUY GOLD NOW BEFORE IT IS TOO LATE. THE BREAKDOWN WAS FAKE.
Why gold can rise from here:
→ Central banks bought 321 tonnes in Q3, up 42% from last year. In the first nine months they bought 675 tonnes
→ China central bank has bought gold for 24 months in a row
→ Gold ETFs hold a record 4,275 tonnes
→ US debt keeps growing, with deficits near $2T a year
→ War risk around Iran is still on the table
→ Gold bounced back even after hot CPI and yields near 5%
The risk is a Fed hike in December. Strong yields and a strong dollar hit gold hard on Tuesday. But the biggest buyers keep buying, and they do not care about one week of data.
Technical view:
Gold is still about 27% below its January record. It fell hard, and now it has been stuck in a range for months.
The floor of that range is 3941. This level has held several times, including the last drop. Early this month gold dipped below it, but sellers could not hold the price there and it closed right back above. That is a false breakdown, and false breakdowns near a strong support often end with a bounce.
Now gold trades near the psychological 4000 level. This is the zone where I expect buyers to step in again.
The ceiling of the range is 4154. Gold got rejected there again this week. A daily close above it would break the range and open the way to 4225, then higher. I expect that break.
Not financial advice.
Over 12 years in these markets.
Do not miss the next big move. Follow me and turn notifications on.
$XAU $QNT $SOL
Why gold can rise from here:
→ Central banks bought 321 tonnes in Q3, up 42% from last year. In the first nine months they bought 675 tonnes
→ China central bank has bought gold for 24 months in a row
→ Gold ETFs hold a record 4,275 tonnes
→ US debt keeps growing, with deficits near $2T a year
→ War risk around Iran is still on the table
→ Gold bounced back even after hot CPI and yields near 5%
The risk is a Fed hike in December. Strong yields and a strong dollar hit gold hard on Tuesday. But the biggest buyers keep buying, and they do not care about one week of data.
Technical view:
Gold is still about 27% below its January record. It fell hard, and now it has been stuck in a range for months.
The floor of that range is 3941. This level has held several times, including the last drop. Early this month gold dipped below it, but sellers could not hold the price there and it closed right back above. That is a false breakdown, and false breakdowns near a strong support often end with a bounce.
Now gold trades near the psychological 4000 level. This is the zone where I expect buyers to step in again.
The ceiling of the range is 4154. Gold got rejected there again this week. A daily close above it would break the range and open the way to 4225, then higher. I expect that break.
Not financial advice.
Over 12 years in these markets.
Do not miss the next big move. Follow me and turn notifications on.
$XAU $QNT $SOL
