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XAUUSD Gold Forecast And Technical Overview

XAUUSD Gold Forecast And Technical Overview

I have published my latest analysis about Gold on Dec 28th.  I have not published a detailed forecast because I wanted to see the end of the first week of the year.

As I mentioned in my previous overview, I was expecting that Gold would meet 1296-1300 and reverse. This idea was based on the test of the broken trend line and Bearish Butterfly at 1.27 extension.

We have entered a short trade based on SHS pattern on M15 Chart. We hit our targets and closed the trade on Friday.

The latest gold rally was triggered by the two main fundamentals: “Dovish Fed: Rate Hike Pause Expecatations” and “Safe Haven Demand: US-China Trade Wars concerns”

“Rate Hike Pause” expectations eased:  A one-two combination of extremely strong jobs reports coupled with statements by Federal Reserve Chairman Jerome Powell resulted in market sentiment taking a 180° turn from extreme bearish sentiment to extreme bullish sentiment in regard to U.S. equities. The jobs report clearly indicated that the economic environment was much stronger than anticipated and the likelihood that the United States is moving into a recession is greatly reduced based on figures released by the Labor Department on Friday.

Safe Haven Demand eased caused by the US-China talks on trade wars.

Gold and JPY are the most well known safe haven assets. As seen on the below chart, Japanese Yen Strenght ( as represented by FXY) tested the trendline and printed a symmetrical triangle. ( I will use this chart on my USDJPY analysis, so it is better to keep it in your mind)

This picture can be used as a good shorting opportunity for precious metals.

Technically:

XAUUSD has not entered into a Bullish Market yet. However, the trend is Bullish on the Daily Charts. On Monday, we may see an attempt of retesting 1290 $- 1296 $.

Our Midterm Strategy: We will short at the potential restest of the trendline and our first target will be 1.265 $. A firm closing below 1261 $ will confirm 1250 $ and 1242 $. Our stop loss is above 1312.

Conservative traders may wait for the breakout of 1273 $ to enter the short trade. ( I will publish the pattern  which  confirms this potential short entry)

Any intraday trade opportunities will be published for the members.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

XAUUSD Gold Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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