👀👀Gold at Critical Point!!!!👀👀

25 nov 2021

As you can see from the chart, price is once again at the edge of the Year-long Arc. Gold got smacked down this week, mainly due to the news of Powell's re-appointment, which the markets arguably interpreting it as earlier rate hikes and the continuation of the 'transitory' inflation narrative. I do expect gold to rebound slightly in the coming days, but its very unclear as to what its next move could be. Should price fully breakout of the arc, I personally see price taking out the triple bottom at $1670 and heading towards the $1630-50 region which provides a strong supply/ support area . Will be interesting to see how price action plays out in the coming weeks and months.