Gold(XAUUSD) Analysis- Long Term
Gold is at critical level on the Daily Timeframe ($1832-$1835) where it has seeked resistance for last 3 times consecutively. A weaker US dollar and lower US yields once again saw gold move slightly higher overnight. Gold�s story still looks one inversely correlated to US yield and the US dollar, and if the inflation story held water, then surely US yields would be higher. Nevertheless, gold�s price action remains constructive, and it has managed to hold onto its gains just below the major zone of longer-term resistance at $1832 to $1835If gold can break and hold above $1835 on a daily closing basis, it will trigger an inverse head-and-shoulders pattern that would target a return to $2000. Support is at $1800 and $1785. First target in D1 is $1907.
