Thank you so much for coming today, this post is simply because I feel gold is extremely overvalued.
We have a nice pitchfork channel depicted above that is a possible route of gold price.๐๐๐
When the market crashes, you hear them say "Gold!! It's store of value , stack it up!!!" ๐ ๐ค๐๐ฅฑ๐ฎ๐๐ฅด๐ป๐ป๐ป๐ป๐ป
This makes no sense to me, Gold has been used since BC (before Christ,) as a currency, and it has definitely seen better days.๐๐๐
The fact that the world has converted to fiat, and now well, possibly BTC, is becoming more and more decentralized + digital๐๐บ๐ฅ, tangible commodities like gold are not as valuable as they once were.
As Michael Saylor says "Gold is dead, kick it to the ground." ๐จโฑ๐ฆต
(There is also loads of grim fundamental news this week involving gold, consider this)
That is all๐
Thank you so much!!!!!
I understand that this is not a universal opinion, but I would love to hear your thoughts on XAUUSD๐๐จ, either way๐
๐๐๐This is not financial advice๐๐๐ Above are approximate targets based on fibs, major trend-lines etc. I always recommend looking at multiple charts when making a big investment, thank you!
Always have a stop loss โ๐๐ฒ set
Any thoughts ๐ญ๐ก, questions ๐โโ๏ธ๐โโ๏ธโ, good ๐, bad๐, happy ๐ or sad ๐ฅ, in the comments always welcome.
Is there a possibility of peak retest? And then fell sharply?
jazerbay
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@enayat1360, absolutely is a possibility of test and fall IMO, however it would take a matter of a couple of weeks as gold is not extremely volatile, like most cryptocurrenies ๐
Well done!