XAUUSD Longterm Outlook and Thoughts
Just testing out some new concepts, so I'm not 100% married to this outlook as it differs from my usual analysis, but regardless let's see what it tells us. Keep in mind when I make my targets (shown as BCD in pink), I expect the market to pivot within some range of that price (as indicated by the pink boxes), as is the case in all my charts.
We are currently in the midst of an uptrend which I see pivoting around $1665 (B in pink). So we can take some Buys up to around that price, but be weary of possibly at least one more small pullback on the way up that may take you out of your trade if your SL's are too tight. From here we can expect a leg down to around $1175 (C in pink). Since this itself will take a few years to play out, I don't think it's worth discussing the targets that are further out at this point in time. Let's see how it progresses.
We are currently in the midst of an uptrend which I see pivoting around $1665 (B in pink). So we can take some Buys up to around that price, but be weary of possibly at least one more small pullback on the way up that may take you out of your trade if your SL's are too tight. From here we can expect a leg down to around $1175 (C in pink). Since this itself will take a few years to play out, I don't think it's worth discussing the targets that are further out at this point in time. Let's see how it progresses.
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