GOLD
OUTLOOK
Gold had its worst week in seven weeks, dragged down by a rally in the dollar and higher bond yields as investors digested the latest US inflation numbers and awaited more economic data.
The spot price of gold settled at $1,913.88, an increase of $1.52, or 0.1%. Over the course of the week, it fell $27.74, or 1.4%.
Now , the price reached at the strong support line 1912 also at the bottom of the bearish channel so we expect the line of 1922 can be tested or the price can go a little further , for example to 1927 or 1932 and test the top of channel
other wise , consolidation under 1912 it will try to reach the next support line 1902 level and will be continue to update the lows
It will also be interesting to see the market reaction to the 1896 - 1,902 area, which could significantly influence the further path of gold price movement, which could lead to either a deeper correction to $1,850 or a resumption of the short-term trend. Ascending towards 1943 and 1950.
support line : 1912 , 1902
resistance line : 1922 , 1932
If this post was useful to you , don't forget to subscribe and like , Thanks ❤️
OUTLOOK
Gold had its worst week in seven weeks, dragged down by a rally in the dollar and higher bond yields as investors digested the latest US inflation numbers and awaited more economic data.
The spot price of gold settled at $1,913.88, an increase of $1.52, or 0.1%. Over the course of the week, it fell $27.74, or 1.4%.
Now , the price reached at the strong support line 1912 also at the bottom of the bearish channel so we expect the line of 1922 can be tested or the price can go a little further , for example to 1927 or 1932 and test the top of channel
other wise , consolidation under 1912 it will try to reach the next support line 1902 level and will be continue to update the lows
It will also be interesting to see the market reaction to the 1896 - 1,902 area, which could significantly influence the further path of gold price movement, which could lead to either a deeper correction to $1,850 or a resumption of the short-term trend. Ascending towards 1943 and 1950.
support line : 1912 , 1902
resistance line : 1922 , 1932
If this post was useful to you , don't forget to subscribe and like , Thanks ❤️
Comment:
NOW price try to test the most important Support zone which is 1902-1896 which could lead to either a deeper correction to 1850 or a resumption of the short-term trend. Ascending towards 1943 and 1950.
