Several US data released an hour ago were all bullish for gold, including the crucial ADP and initial jobless claims figures. However, gold's price hasn't seen much of a rally.
I think this is because some investors are taking profits on the one hand, and on the other hand the data's impact on the September rate cut is decreasing.
I believe a September rate cut is inevitable, but the hype has been excessive. Gold prices have been rising for some time, and this has already been largely priced in.
In addition, the one-hour chart shows that if gold prices fall from 3550, a head and shoulders top pattern will form, with 3350 being the final shoulder.
So, I believe shorting gold is a viable option as long as it fails to hold above 3550.
📣If you have different opinions, please leave a message below to discuss
I think this is because some investors are taking profits on the one hand, and on the other hand the data's impact on the September rate cut is decreasing.
I believe a September rate cut is inevitable, but the hype has been excessive. Gold prices have been rising for some time, and this has already been largely priced in.
In addition, the one-hour chart shows that if gold prices fall from 3550, a head and shoulders top pattern will form, with 3350 being the final shoulder.
So, I believe shorting gold is a viable option as long as it fails to hold above 3550.
📣If you have different opinions, please leave a message below to discuss
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As predicted in the article, the price of gold has already encountered resistance and callback near 3550. At the same time, the MACD indicator shows that a second death cross pattern is about to form. I believe that the price of gold will likely continue to fall.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.