Here comes the pullback for anyone that was worried they'd missed the bottom!
Keep calm and keep DCAing.
The short up-trend was the pullback, we’re still bearish overall for a good few months yet.
We have a lower point to reach before a notable overall market trend change IMO.
The triple EMA cross was a manipulation move to liquidate retail traders, IMO.
NFA, I’m wrong sometimes.
For Gold / XAUUSD specifically, I am predicting at least low 1600s, possibly mid-high 1500s and worst case in my analysis, we will bounce off the massive support in 1400s range. It’s usually has links to the primary currency pairs trends, specifically linked to their value against USD.
IMO we’re only 30-50% of the way into this new recession and the real pain will hit when the real estate funding bubble bursts again… we already have clear warning signs with non-income assessed 0% mortgages re-emerging. I was quite surprised to see them return, if assumed they had been banned after the 2008 fiasco, but clearly I assumed wrongly.
I’m expecting downtrend focused ranging until a big market influencer happens, sub-prime mortgages being a big factor. I don’t expect that bubble to pop until mid-2023 to early-2024.