GOLD TECHNICAL ANALYSIS
I like this bullish scenario for GOLD, now trading at 1975 after reaching near the 2000$ mark.
Gold has been flirting with the all time highs since COVID and I think the fundamental scenario, with the FED turning toward a more Dovish approach, with Inflation coming down, strong Job market and positive GDP the so longed Soft Landing seems finally within a reach.
The potential of breaking out the all time highs at 2060$ is very strong, and judging by the momentum of current price action, this little retracement doesn’t seem to be strong enough to actually invert the current trend.
Looking at a lower time frame I see this path playing out in the next hours, with price dropping to the 1968-1966 mark to take price back up to the highs and possibly even higher.
It’s very important tho to judge the candles approaching the level of demand, because we do have another structure to close all the way down to 1950$, to be more on the conservative side let’s wait for confirmation at the 1966-1968 level.
I like this bullish scenario for GOLD, now trading at 1975 after reaching near the 2000$ mark.
Gold has been flirting with the all time highs since COVID and I think the fundamental scenario, with the FED turning toward a more Dovish approach, with Inflation coming down, strong Job market and positive GDP the so longed Soft Landing seems finally within a reach.
The potential of breaking out the all time highs at 2060$ is very strong, and judging by the momentum of current price action, this little retracement doesn’t seem to be strong enough to actually invert the current trend.
Looking at a lower time frame I see this path playing out in the next hours, with price dropping to the 1968-1966 mark to take price back up to the highs and possibly even higher.
It’s very important tho to judge the candles approaching the level of demand, because we do have another structure to close all the way down to 1950$, to be more on the conservative side let’s wait for confirmation at the 1966-1968 level.