Must See Gold XAUUSD Forecast and Market OpportunityTrade Idea:
The overall trend for Gold is up which has been confirmed by price holding nicely above 200EMA, also my Elliot Wave Analysis suggests that there is still one more leg up before a massive correction during summer time, so there is still room for further upside.
Gold has broken out of the wedge pattern last week with good bull strength, and now it has also formed a bull flag (pink trend lines), I am expecting one more leg down towards 1710 zone and this idea is confirmed with RSI being slightly below 50, indicating there are slightly more sellers in the Gold market. After that, I will enter buys at 1720 (Aggressive Entry) and 1710 (Conservative Entry) and target 1800. However, given the recent price consolidation, I expect Gold will hit at least 1800 and possibly even 1900 in coming weeks.
Remember, the longer Gold consolidates, the stronger the breakout, so if price managed to break the top pink trend line, there is a very high probability that price will shoot to the moon. #tradesafely
Technical Analysis:
* Price is holding nicely above 200EMA
* Bullish Flag Pattern Identified
* Elliot Wave, the 4th wave has been established, and price is on its way to define the 5th wave.
Fundamental Analysis:
* The development of future relationships between US and China is worsening due to the recent de-listing of Chinese companies from US stock exchanges.
* The ongoing Covid-19 situation.
* The probability that major economies will start consider implementing negative interest rates.
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