0606 ECB cutting rate could help gold rise higher?

Hello traders,

The downtrend channel is broken. Gold went up to test last week's highest position. Check our last idea on GOLD and follow the updates here.

With economic growth slowing in Europe and persistent inflationary pressures, the ECB is expected to adopt further accommodative monetary policy measures to address the current challenges.

And after Bank of Canada, this could be second biggest central bank steps ahead of the Fed and joins the bandwagon of cutting interest rates

Usually, this is good for commodity GOLD. Based on the common sense, if gold could make a support signal when retesting the channel, it could rise up again from there to FIBO 618 or higher position up to history high or above.

GOOD LUCK ON THIS PLAN.
LESS IS MORE!

Trade closed: target reached:

Comment:

Now cant say it will rise up again to test FIBO 618.

But sideways price action is very possible.