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.
