GOLD
New forecast
Interest rate hike scenarios
Everyone has two options: to confirm or raise 25 basis points, but the decisive point is Powell’s speech
🔴Installation and all banks in the world expect installation
It is positive for gold, indices, and currencies if interest is proven, and Powell confirmed the tightening in the future
🔴The raise is 25 basis points, but expectations do not exceed 5%, which is positive for the dollar and negative for gold, oil, indices, and currencies.
Technical abstract :
The price of gold ended yesterday's trading with strong negativity, as it confirmed breaking the support of the ascending channel to begin a downward correction, on its way to testing the 1964 level as a first negative station, keeping in mind that breaking this level will push the price to conduct an additional downward correction, with its next target reaching 1947.
Therefore, a bearish bias will be expected for today, and breaking 1976 will facilitate the price’s task of achieving the proposed targets, while breaking 2000 will stop the current negative pressure and lead the price to try to restore the main upward trend again.
The expect range trading for today it will be between resistance line 2000 and support line 1964 until stabilized .
Additionally ,Today News will affect the market .
support line : 1964 , 1947
resistance line :1984 , 2000
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Interest rate hike scenarios
Everyone has two options: to confirm or raise 25 basis points, but the decisive point is Powell’s speech
🔴Installation and all banks in the world expect installation
It is positive for gold, indices, and currencies if interest is proven, and Powell confirmed the tightening in the future
🔴The raise is 25 basis points, but expectations do not exceed 5%, which is positive for the dollar and negative for gold, oil, indices, and currencies.
Technical abstract :
The price of gold ended yesterday's trading with strong negativity, as it confirmed breaking the support of the ascending channel to begin a downward correction, on its way to testing the 1964 level as a first negative station, keeping in mind that breaking this level will push the price to conduct an additional downward correction, with its next target reaching 1947.
Therefore, a bearish bias will be expected for today, and breaking 1976 will facilitate the price’s task of achieving the proposed targets, while breaking 2000 will stop the current negative pressure and lead the price to try to restore the main upward trend again.
The expect range trading for today it will be between resistance line 2000 and support line 1964 until stabilized .
Additionally ,Today News will affect the market .
support line : 1964 , 1947
resistance line :1984 , 2000
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
