Gold Technical Price Forecast: XAU/USD Approaching Key Technical Levels, Impending Breakout?
By
MongiIG,
in Commodities
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10/06/21 10:53
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No doubt the impact of FTX crash has created a negative impression among crypto enthusiasts especially centralized exchange users. Of course FTX wasn't the first CEX to crash but its occurrence came as a shock looking at the position the crypto exchange occupies in terms of ranking and being the favourite cex for derivative trading before the sad event. This has questioned the integrity of CEXs and a lot of users have embraced DEX while others opt for a more secure and transparent CEX. Talking about security and transparency as a mechanism to make users have complete trust in the remaining CEXs, two things comes to mind and that's "Proof of Reserve" and "User Protection Fund". This are obviously a good indicator and post FTX development but how effective could this be looking at the numerous crypto currency exchanges out there. Among the top 10 ranking CEXs, only Binance and Bitget has a veriable proof of users protection fund of $1B and $300M respectively. " Source from Nansen" Although some exchanges like OKX, Huobi and Bybit also claimed to have user protection funds but it is not publicly verifiable which of course raises eye brow about the integrity and transparency of such claim. We can't actually do without CEX because we need it for our daily trading hence the reasons why more effective measures needs to be taken to secure users funds. Though Binance and Bitget seems to be on the right path but it's also important for this CEX to declare their Proof of Liabilities because FTX also did about two audits before it collapsed. A lot of users are still skeptical keeping their assets on CEX due to fear of the unknown but could this development from Binance and Bitget restore trust and confidence back to users? -
Yes, there are may time-sized cycle. I will bear in mind your data. It is very good. This is going to be an interesting year forward! All the best. -
Here's some more clues as to what the markets are doing - Remember, this just would not work if markets were random This is Gann's Square of Nine (9) - He used it to work on both price and time It's basically a spiral of ORDERED numbers around a circle of 360 degrees, divided into sections If you look closely enough you will see if you pulled number "1" up and towards you, the form would create a PYRAMID As you can see in this simpler Gann Sq of 9 below, we can split the sq into GEOMETRICAL harmonics, in this case this is a cardinal cross Get the reference number point "61" and work through 65,69,73,77,81,86,91 etc - you can follow the sequence easily enough and see that those prices are following the natural order sequence of those cardinal point cross points...................... Here's those points in TIME (MONTHS) from the Oct 2022 LOW on the SP500 market - As you can see MANY MANY hits to the month and then the market reversed to some degree - KNOWLEDGE of this method would of allowed you to place those dates on your charts in 2002! YEARS in advance and this is just one method of many that pinpointed the 2009 low from a TIME perspective THT
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