A cypher pattern is in making
Some Key factors 🔑 that can affect the price of gold 💰:
Inflation: Gold 💰 is often seen as a hedge against inflation 🔥, as its price tends to rise ↗️ when inflation 🔥 is high. This is because gold 💰 is a finite resource 💎 that cannot be inflated away 💨.
Interest rates: When interest rates 💴 are low, gold 💰 becomes more attractive as an investment, as investors can earn a higher return 📈 by holding gold 💰 than by holding cash 💵 or other low-yielding assets 🥱.
Economic growth: Gold 💰 is also seen as a safe haven asset during times of economic uncertainty ⚠️. When economic growth 📈 is weak or negative ⬇️, investors may flock to gold 💰 as a way to preserve their wealth 💰.
Geopolitical events: Gold 💰 can also be affected by geopolitical events 💥, such as wars ⚔️ or political instability ⚠️. These events can cause investors to worry about the safety of their investments 💰 and flock to gold 💰 as a safe haven.
The overall trend looks a part of a cypher pattern where XABC has already formed and the last point D is be confirmed.
On The daily chart it is forming a downtrend channel which indicates a weakness
On weekly basis, its currently trading below 20 EMA (1932), a first sign of weakness in bigger time frame.
If a cypher pattern is formed, we can see a 1715 levels by 12th Feb'2024
We will keep a close track and update
Inflation: Gold 💰 is often seen as a hedge against inflation 🔥, as its price tends to rise ↗️ when inflation 🔥 is high. This is because gold 💰 is a finite resource 💎 that cannot be inflated away 💨.
Interest rates: When interest rates 💴 are low, gold 💰 becomes more attractive as an investment, as investors can earn a higher return 📈 by holding gold 💰 than by holding cash 💵 or other low-yielding assets 🥱.
Economic growth: Gold 💰 is also seen as a safe haven asset during times of economic uncertainty ⚠️. When economic growth 📈 is weak or negative ⬇️, investors may flock to gold 💰 as a way to preserve their wealth 💰.
Geopolitical events: Gold 💰 can also be affected by geopolitical events 💥, such as wars ⚔️ or political instability ⚠️. These events can cause investors to worry about the safety of their investments 💰 and flock to gold 💰 as a safe haven.
The overall trend looks a part of a cypher pattern where XABC has already formed and the last point D is be confirmed.
On The daily chart it is forming a downtrend channel which indicates a weakness
On weekly basis, its currently trading below 20 EMA (1932), a first sign of weakness in bigger time frame.
If a cypher pattern is formed, we can see a 1715 levels by 12th Feb'2024
We will keep a close track and update
Trade active
1960 if crosses then the pattern will become invalidNote
Downside pressure continuesTrade active
Downside pressure continuesTrade active
1858 low made, almost 4 % plus downTrade active
gold cracked heavily, made a low of 1846, weakness still continues, we can see more fall in thisTrade active
weakness continues, made a low of 1815, almost 6 % plus correction , enjoy the rideTrade active
some pullback is expected as it touched the lower channel bottomTrade active
as expected gold bounced to 1865 levels
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.