Entrenched

I discuss why I believe it’s heading towards a near-term correction that could see its value drop to $114. Also I describe what to look for after it reaches that zone.

Fed Chair Powell said today that the fed is open to additional rate hikes dependant of the incoming data. I expect an epanding range going into the coming weeks. If gold comes down into the 1847 area I assume there could be a small bounce to retest the 1860 area which could potentially set up the next trade towards 1800, imoIt would be safe to bring SL to break even in case price bounces back upbut with recent cpi continuing to rise, can certaily drop lower to lower 18000 range , imo

A simple look at some key levels. I also made a video about this, so feel free to check it out. I go into more detail of what to look for at certain price points.

BTC hit the lower ascending trendline and bounced up nicely, which could suggest we see a deeper retrace for the month of Feb. A break under the trendline carries a risk of 27k imo, so IT'S important to stay vigilant. In the evenT price can hold the current lows, and STAY ABOVE the TL, I see a potential for a deep retrace into the 50k area. When we get there, I assume there will be a significant challenge. To start the month, I suspect we will range between 40k and 35k for a bit before it attempts to get back over 42k. In my opinion, it may take more than one hit to break back over the near-term res. but once above, it will open up further upside, imo.

I expect some potential heavy volatility as the week progresses and we get closer to the fed press conference and NFP. To start the week i expect a small choppy range and price may move up some in the 1804-1808 range before making its way lower to the lower 80s. There is mostly support in that area and we may see a breakdown retest. I expect home sales to come in good which paired with the prior miss on housing starts will only solidify the view that demand is out pacing supply in the housing market which in my view would lead us lower to the low 70s to mid 60s range. At that point it gets tricky, but I believe price may float up some at the least as we await the fed press conference. If we look at my prior idea the usd has at least some room to run but the 1780s will surely be a significant near term test of the bear in gold. I just want to add that for the first time since the pandemic began trader have gone net long on the usd, so that is also something to keep in mind this week. All the best and happy trading.

potential shorts3.tradingview.com/snapshots/j/jyKn7ft7.png?fbclid=IwAR0Lf-Gz1G7skNU12ZcuNhJ4fJ_Aaii988Zawu5xmToClit9d5W1W4p718s should also be the swing completion in my opinion