Reversing the uptrend, gold is finding a new peak
Updated
🌼Hello dear friends! In today's trading session, the price of gold reversed and increased slightly, trading around 1939 USD, as predicted yesterday.
Although gold falls, the gold market will continue to attract safe haven flows due to the Israel-Hamas conflict.
🌼About expectations:
Gold will fluctuate above the $1,900/ounce range until there is some sort of ceasefire or the conflict subsides.
Strong demand from India could boost gold's rise. The decline in rupee-denominated gold prices could be a catalyst for higher demand in India during the upcoming festive season.
🌼About the near future:
Currently, we need to wait for the speech of US Federal Reserve Chairman (Fed) Powell on Thursday to get more clues about the US Central Bank's monetary policy roadmap after recent dovish words. Here from some Fed officials.
If there are signs that the Fed is nearing the end of this rate hike cycle, that would be good for gold, even if we don't get any rate cuts anytime soon.
🌼Technically:
Gold continues to remain within the uptrend channel thus attracting some buying with an expected rise to $1950, a break above which would further push the pair towards $1970.
Although gold falls, the gold market will continue to attract safe haven flows due to the Israel-Hamas conflict.
🌼About expectations:
Gold will fluctuate above the $1,900/ounce range until there is some sort of ceasefire or the conflict subsides.
Strong demand from India could boost gold's rise. The decline in rupee-denominated gold prices could be a catalyst for higher demand in India during the upcoming festive season.
🌼About the near future:
Currently, we need to wait for the speech of US Federal Reserve Chairman (Fed) Powell on Thursday to get more clues about the US Central Bank's monetary policy roadmap after recent dovish words. Here from some Fed officials.
If there are signs that the Fed is nearing the end of this rate hike cycle, that would be good for gold, even if we don't get any rate cuts anytime soon.
🌼Technically:
Gold continues to remain within the uptrend channel thus attracting some buying with an expected rise to $1950, a break above which would further push the pair towards $1970.
Note
you have nice profit when you buy gold. waiting sell at 1950Note
gold no back test and break out 1948
Related publications
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.