2106 GOLD is on its right shoulder and rising to last top

Hello traders,

According to the latest report by the World Gold Council, central banks are poised to increase their gold reserves due to growing skepticism about the US dollar.

The survey reveals that over 80% of respondents expect reserve managers to boost global gold holdings, with nearly 30% of banks planning to increase their reserves.

The shift towards gold is driven by the desire to reduce risk and prepare for ongoing uncertainty in global politics and economics, as well as to capitalize on gold's long-term value and its diversification benefits. Recent concerns about the potential weaponization of the US dollar and unpredictable events like the 2022 invasion of Ukraine have further contributed to the shift.

Central banks see gold as a strategic asset amidst continued global uncertainty.

Technically, on this 4H chart, gold is making a wide sideways price action. You could see it as t a potential H S reversal pattern or a continuing pattern which gold is rising to finish the right shoulder, targeting the red dash line, following the right green arrow.

GOOD LUCK!
LESS IS MORE!