Right now it looks like we're (wykoff) accumulating on gold.
A larger move would see more testing of the range between 1680s and 1750s. I don't expect a significant and sustained break to the upside anytime soon (at least not in the immediate term). This is all determined via US10 yields, which in turn are a gauge for economic conditions in the short-mid term.
The better the economic conditions, the more the 10Y yield will rally, and the less attractive Gold will look as a safe haven- favouring it's downside.
In terms of technicals, I personally want to short gold. Week before last closed with a massive wick, which really looks like it wants to be filled: https://www.tradingview.com/x/AXIBefMY/
A move lower could attract a few more buyers too (just as long as economic conditions deteriorate)- which could lead to an overall reversal towards the 1800s. I like shorting tho, so I hope I'm wrong.
A larger move would see more testing of the range between 1680s and 1750s. I don't expect a significant and sustained break to the upside anytime soon (at least not in the immediate term). This is all determined via US10 yields, which in turn are a gauge for economic conditions in the short-mid term.
The better the economic conditions, the more the 10Y yield will rally, and the less attractive Gold will look as a safe haven- favouring it's downside.
In terms of technicals, I personally want to short gold. Week before last closed with a massive wick, which really looks like it wants to be filled: https://www.tradingview.com/x/AXIBefMY/
A move lower could attract a few more buyers too (just as long as economic conditions deteriorate)- which could lead to an overall reversal towards the 1800s. I like shorting tho, so I hope I'm wrong.
,,,
