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XAU/USD keeps falling down
Information is not investment advice
Last week XAU/USD made the biggest weekly decline since August. Pay attention to higher timeframes: a “shooting star” candlestick was formed on the MN timeframe after the 4 months of growth. It seems that the gold is finally into the bearish correction.
The weekly pivot point is located at 1305. Sellers will dominate as long as the precious metal is trading below this level. The targets lie at 1278.25 (weekly pivot S1) and 1275 (38.2% Fibo retracement of the August-February advance).
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.