GOLD LONG IDEAGOLD ANALYSIS:
GOLD has been one of the most considered safe havens against the fall of the USD.
Most investors turned to consider GOLD as a safe haven due to the following factors:
The CORE PCE fall as expected on Friday where which indicates that FED will not put more effort into tightening since the stubborn inflation is coming close to the target.
FED may pause rate hikes this year (2023) because inflation is on hand and coming closer to the target which is 2%.
Technically and for the longer term GOLD is bearish however the current bullish waves gave room for us to closely look at important zones where we have 1893.
The price has bounced from the area level now 1893 and 1911.722 because traders found the area as 61.8 Retracement of the current high around 1922.689, hence there may be a correction from this level back to 1904.293 which will definitely be our entry zone.
Technically GOLD turns bullish for the short term where an inverted H&S formed and its neckline was broken above, our entry for the broken neckline of inverted H&S will exactly be the same level of 61.8 Retracement level of the current high which is 1904.770.
