GOLD
OUTLOOK
Gold prices are rising, but are heading towards recording a weekly loss after reversed the price and stabilized above 1924
🔵 Here are the most notable developments:
🔹The US dollar is currently witnessing some slight decline, but it is heading towards the longest series of weekly gains in 9 years.
🔹This comes with support from expectations that the US Federal Reserve will continue the path of raising interest rates, after a series of strong US economic data.
🔹The most recent was yesterday, when the number of applicants for US unemployment benefits decreased.
🔹Currently, the Dollar Index has reached strong resistance levels, so today we may see the beginning of a decline in the strength of the US dollar.
🔹Today there are no important economic data, so movements in the markets will be according to the economic and political news that may be issued.
We expected that price will try to reach 1912 and still now couldn't reach it This is with the decline of the dollar and US Treasury bond yields, but it is heading towards recording weekly losses with increasing expectations that the US Federal Reserve will continue the path of raising interest.
Technical abstract
consolidation above 1924 will support the price to build a positive momentum and targeting 1935 and 1948
other wise, consolidation under 1924 will make the price to be under sell pressure again and complete the bearish trend and reach 1912 and 1902
support line : 1924 , 1912
resistance line : 1935 , 1948
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold prices are rising, but are heading towards recording a weekly loss after reversed the price and stabilized above 1924
🔵 Here are the most notable developments:
🔹The US dollar is currently witnessing some slight decline, but it is heading towards the longest series of weekly gains in 9 years.
🔹This comes with support from expectations that the US Federal Reserve will continue the path of raising interest rates, after a series of strong US economic data.
🔹The most recent was yesterday, when the number of applicants for US unemployment benefits decreased.
🔹Currently, the Dollar Index has reached strong resistance levels, so today we may see the beginning of a decline in the strength of the US dollar.
🔹Today there are no important economic data, so movements in the markets will be according to the economic and political news that may be issued.
We expected that price will try to reach 1912 and still now couldn't reach it This is with the decline of the dollar and US Treasury bond yields, but it is heading towards recording weekly losses with increasing expectations that the US Federal Reserve will continue the path of raising interest.
Technical abstract
consolidation above 1924 will support the price to build a positive momentum and targeting 1935 and 1948
other wise, consolidation under 1924 will make the price to be under sell pressure again and complete the bearish trend and reach 1912 and 1902
support line : 1924 , 1912
resistance line : 1935 , 1948
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
