(wow) Words Of Wonders Level 1927 Answers – Since my last update, gold (XAUUSD:CUR) and GLD have actually traded up to $1,450 and $136.12 respectively. However, gold prices rose to $1,747 last week due to “any” global action by central banks and governments. While this unprecedented monetary expansion will stimulate inflation and possibly even reduce hyperinflation, my initial short-term doubts have only increased in recent days. Over the next few months, I think gold will typically start to correct or consolidate, rather than going straight to the top.
From below $1,160 on August 16, 2018, bullion rose to $1,747 in less than 20 months. From that April 14, 2020 low to the current high, gold has gained $587 or 50.6%. In theory, it corresponds to an annual profitability of over 30%. However, over the long term, gold prices “only” rise by an average of 7-9% per year. The price of gold has risen significantly in the last year and a half.
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Over the past 20 months, only a few price symbols have been fully observed. In many cases, the need for correction mainly applies to the time axis in the form of long-term integration. Since the end of February, the gold market has experienced high volatility and high volatility. It hit a high of $1,689 on February 24, followed by a $126 decline to $1,563. The next high started at USD 1,703 on March 9, and the shock to the crown led to a major pullback. Down US$252 to US$1,451. However, since this sell-off, the price of gold has risen sharply again, reaching a high of US$1,747 last Tuesday.
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However, since then, prices in the local market have fallen again by $75 and closed the trading week at $1,672, which is below the psychological mark of $1,700. Generally, the price of gold is the same. I’ve been on a wild roller coaster for almost two months. Investors who invested in early gold can easily afford it at current prices and are already enjoying a buzz from their holdings.
Non-investors have little access to precious metals in this area. However, regardless of the price, every investor should keep at least 5% of their assets in important securities like insurance. On the other hand, anyone who speculates on the price of gold is powerful and paper goods are playing with fire in this hot period, especially on the long side, and now they are taking countless risks. However, the strong rise in volatility does not inspire confidence, but should be considered a clear warning sign.
On the weekly chart, there are two positive trends supporting gold prices. The first, dark green, has been moving slowly since December 2015. In September 2019, gold tested its edge for the first time since the summer of 2016. The gold market has been worried about this since the beginning of the year. At the top end, it recently brought these explosives. Despite the temporary pullback at this point, the bulls have been able to break this trend in recent weeks, with gold now clearly above the bullish (currently around USD 1,590 – 1,595). channel
In August 2018, a second bullish channel opened at the recent panic low of USD 1,160. This trend of the channel is very high and has led to a big increase in its direction in the last 20 months. Here too, the bulls have been hitting the top of the trend channel for several weeks. However, apart from several price ranges, stable weekly closing prices above the channel range could not be found.
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On Friday, the weekly candle closed with a possible “shooting star”. The opening and closing prices for the trading week are below the peak. With the upper edge of the uptrend channel as resistance, and the apparent stochastic divergence, the gold market is likely to top out this spring.
However, overall, it is still too late to make a clear call on the gold market in the coming months. However, the probability of a change in behavior has increased significantly in the last week of trading. In fact, the fastest rise may have already reached USD 1,703, and we have been in the ABC correction process for more than four weeks due to Corona. Wave A would end at $1,451. The erratic wave B, slightly above $1,747, will again confuse and mislead market participants. Then, the end of wave C is expected to be below wave A, which is below US$1,451. The previous long-term resistance area and current support at USD 1,350 – 1,400 will be determined beforehand. As a price target. and wave c.
However, from a fundamental point of view, this strong correction in the gold market will require stronger capital markets or a deflationary premium to the collapse of the entire financial market. A strong recovery in the stock market isolated from the real economy seems possible due to a large increase in capital. On the one hand, central banks prevent the collapse of financial markets through their printing press.
A negative trend has been established on the daily chart due to sudden price changes over the past eight weeks. The first light boom was destroyed by a large entry in March. As gold sold off in the face of a global shutdown and aggressive trading, central banks around the world opened the floodgates and flooded markets. Gold may react to a big rally in recent weeks. However, the clear technical picture is gone.
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It remains to be seen how strong the tide has been in recent weeks. Given the overbought scenario and the sharp drop in sales volume, the big question mark is justified.
In short, the daily chart is overbought. Stochastic introduced a new trading signal. If the green light does not touch the upper edge of the uptrend channel, the bears should enter the next support zone fairly quickly. $1,620 – 1,640. However, if there is a significant recovery above $1,720 during the trading week, the promotion may continue to $1,800 US.
Since the break above the multi-year resistance area of $1,350/$1,375 in May 2019, the futures market has been very crowded and unhealthy. Only the last few weeks have seen the first tentative improvement, with short trading space falling to today’s 280,408 short contracts. However, the hurdle of irony is still far away. Initially, there will be general short position trading below 100,000 short contracts.
In general, the clear trade signal from the CoT-report is valid. However, with a significant increase in volatility in recent weeks, the futures market appears to have begun a correction. In extreme cases, the price drops to US$1,350/1,400, allowing experts to gradually close short bets and lower the barriers to the price drop. As for silver, the temporary price drop to USD 11.60 has already wiped out the futures market.
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Since the beginning of the year, the Optix Sentiment Barometer for gold prices has shown significantly greater optimism. Indeed, inexperienced investors have flocked to the gold market in recent weeks due to fear of the crown. Experts, on the other hand, are more cautious lately. Feelings are still unclear, but not long. However, the road to the other extreme like the shock of August 2018 can be long and painful.
Gold Optix is also giving a sell signal as expectations are very high today. Only when panic and fear spread among gold traders will a fair and debatable option emerge.
Gold prices are now in their worst seasonal phase based on statistics for the past 50 years. Similar to the well-known “sell in May and move on” rule, major corrective moves in the gold market tend to start in the spring and reach mid-season.
