On the yearly timeframe, we're witnessing formation of a massive double top. A double in the area of ~1900 (±50).
There's a high probability that Gold will move towards the neckline of this probable double top (1200-1300 area).
Everything depends on the next few years:
Strong breakout of the neckline (1200-1300), aligned with vigorous US funds and DXY in a good shape, means investors of the new world have finally found industries and social/national investments far more profitable than safe haven assets. In this scenario, I see some targets around 600-700 for XAU.
In another scenario, 1200-1300 area lowers the momentum, meaning safe haven assets are not so east-to-defeat ! Takes a longer time.
Anyway, in both scenarios, I see really high probability of retesting 1200-1300 area. However, it's on the yearly timeframe, slow, but steady...
There's a high probability that Gold will move towards the neckline of this probable double top (1200-1300 area).
Everything depends on the next few years:
Strong breakout of the neckline (1200-1300), aligned with vigorous US funds and DXY in a good shape, means investors of the new world have finally found industries and social/national investments far more profitable than safe haven assets. In this scenario, I see some targets around 600-700 for XAU.
In another scenario, 1200-1300 area lowers the momentum, meaning safe haven assets are not so east-to-defeat ! Takes a longer time.
Anyway, in both scenarios, I see really high probability of retesting 1200-1300 area. However, it's on the yearly timeframe, slow, but steady...