Pretty excellent risk-reward ratio. XAU/USD rejected the down trendline twice on August 7, 2020, and January 6, 2021. If the price rejects the trendline, my chart says that potentially it will reach the final target on August 18, 2021.
The biggest question is whether the market is ready to fall deeper or buyers keep buying blindly because of inflation?
Research shows that gold prices don't correlate well with inflation, so when inflation rises, the price of gold isn't necessarily going to skyrocket. It's way more complex than that.
For example, in 2008, Gold price year high $1,023.50, and year low $692.50.
@GoldCartel It's a nice analysis. Thanks for sharing my friend 👍
GoldCartel
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@fcpomz, excellent risk-reward ratio for sure, we don't know yet if it's going to reach the target or not. Trade safely!
AllFatherOdin
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well this didnt age well :D
sepehrsafari1991
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:))
pirrom
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Excellent analysis, made me take a different perspective from your point of view...I keep hearing we are on Risk Off sentiment, so the Stocks are selling, even Cryptos crashed and all that money has to go somewhere, some of it is going to Gold, but only time will tell which way it will go.
mr_x_t
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boomers gonna send this rock to $2200 by EOY
GoldCartel
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@mr_x_t, it would be nice to buy hard at 1570s, time will tell currently rejection or breakout
It's a nice analysis.
Thanks for sharing my friend 👍