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Monthly View of Gold (XAUUSD)

by Olajire Awofisibe

From my monthly analysis of Gold, it is only looking bearish, but I’m yet to confirm that this metal is ready to sell aggressively. This confirmation won’t happen until I see closure below the upper Bullish Order block and the Fair-Value-Gap (FVG) right below the zone.

There are still plenty of opportunities for buyers and sellers to make intraday profits until this happens. 

DXY is looking very bullish on the monthly and weekly. If the monthly bullish pattern plays out on DXY, as being observed, we may see Gold retesting the 1600 zone. 

I have a bearish bias for Gold on the higher timeframe. However, I will continue to review DXY on a weekly basis for bullishness to confirm my bearish bias for Gold in the long run. 

However, for now, I remain neutral and will keep trading price action for buy or sell on the daily time frame to 4-hr.

Trade carefully and apply proper risk management.