XAUUSD Hitting 44 year Resistance

Nov 7, 2024

Gold is currently hitting a key resistance area that goes back to 1980 (44 year) trendline.

Some time may be required to correct and absorb this recent bull move. However, I would not be selling out of it completely if that's what one wishes to do with this information.

I prefer people read this chart as a good way to set their expectations in case Gold stalls for a while to prevent them from panicking out of this position.

Longer term I remain bullish on gold. Especially with Trump the 6-time bankrupt "businessman" being the 47th

6 days ago

Trade active

As expected gold is screaming higher.



I first became bullish on gold a year ago. ICYM

Some thought I was off since the dollar was rising as well. However, sound bites work great until they don't.
I am talking about the soundbite that a

"weaker dollar causes gold to rise."

Wrong!

Similar soundbite with oil.

"Weaker dollar causes oil to rise." or "OPEC cutting production means higher prices" is also wrong.

There is a lot more to macroeconomics and investing than soundbites.

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