Personally (strictly my very own opinion) – NO for two reasons

Reason 1 – Technically Bearish

  • Current price trades below 3 EMAs which are pointing downward
  • ADX > 20, with strong downward momentum
  • MACD remains bearish
  • Nevertheless, STO may indicate a possible oversold position
  • Some possible support at around $1,130 (next : $1,055)

GOLD_CBOT.WLD_TA.jpeg

Reason 2 – Fairly Valued Based On Regression Analysis Against DXY and US10Y 

  • Fairly valued: Actual (1,196) vs Predicted (1,200)
  • Statistically significant for variables –  DXY and US10Y (expected negative relationship with Gold)
  • R-squared / adjusted appears to be on the low side
  • 95% confidence forecast: 1,084 – 1,316

Gold-Regresion.png

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