Gold had a good run from lows of 1617 in November 2022 to 1975 in early Feb. It has broken down the parallel channel running from mid Nov to early Feb, highlighted in white color. After breaking down the channel, gold tried to bounce and get back in channel 4 continuous days, but it failed and we got a confirmation candle today. I see gold to sell off short term and hit 1818 and 1779 levels sooner. This can be attributed to US Dollar gaining strength. I won't be surprised if that sell off would be across other instruments like SPY/QQQ/Bonds/Silver/Commodities.
Let me know your thoughts in comments.
Let me know your thoughts in comments.
Trade closed: target reached:
Gold target 1 - 1818 achieved today. Hot PCE inflation data strengthening dollar adding pressure to precious metals gold and silver.. I expect some technical bounce at 1800 levels.. If Gold sells off further, next support level is 1779