hello traders , i hope everybody is doing well
waiting for fed conference today i sat down and i started wondering could we see gold back to 1700s ?
technically speaking :
A ranging market is a market where the currency pair prices move back and forth between a price range of a high price level and a low-price level. The highest price level is formed with a resistance line, whereas the lowest price level is formed with a support line.
Gold has been on a range since the beginning of the 2020s
in august 2021 gold reached the top resistance of the range the 2070s and a bearish move took the market to the support of the range the 1680 -1700s.
in march 2022 gold reached the top resistance of the range the 2070s and a bearish move took the market to the support of the range the 1680 -1700s.
in may 2023 gold reached the top of resistance the range the 2070s But can we see a bearish move that takes the market to the support of the range the 1680 -1700s ?
for the third time in a row ? id say technicaly it is possible.
fundamentally its possible too but we cant say for sure ,
Gold Continues Falling on Hawkish Fed Stance
Despite U.S. macroeconomic reports being weaker than expected, the US Dollar Index (DXY) continued to rise, while gold (XAU) fell sharply.
The prospect that the Federal Reserve (Fed) will maintain its base interest rate at a high level for longer continues exerting downward pressure on XAU/USD. Indeed, the gold price dropped below a one-month low, as the market now expects a rate cut to not come until July 2024. The possibility of high U.S. interest rates is fuelling fears of a global recession and stimulating risk-off flows in the US dollar. Thus, most other major currencies depreciate, and commodities prices decline.
Via- investing.com
could we see gold drop to 1700s ?
please share with me your thoughts bellow . i think it is possible and probable .
waiting for fed conference today i sat down and i started wondering could we see gold back to 1700s ?
technically speaking :
A ranging market is a market where the currency pair prices move back and forth between a price range of a high price level and a low-price level. The highest price level is formed with a resistance line, whereas the lowest price level is formed with a support line.
Gold has been on a range since the beginning of the 2020s
in august 2021 gold reached the top resistance of the range the 2070s and a bearish move took the market to the support of the range the 1680 -1700s.
in march 2022 gold reached the top resistance of the range the 2070s and a bearish move took the market to the support of the range the 1680 -1700s.
in may 2023 gold reached the top of resistance the range the 2070s But can we see a bearish move that takes the market to the support of the range the 1680 -1700s ?
for the third time in a row ? id say technicaly it is possible.
fundamentally its possible too but we cant say for sure ,
Gold Continues Falling on Hawkish Fed Stance
Despite U.S. macroeconomic reports being weaker than expected, the US Dollar Index (DXY) continued to rise, while gold (XAU) fell sharply.
The prospect that the Federal Reserve (Fed) will maintain its base interest rate at a high level for longer continues exerting downward pressure on XAU/USD. Indeed, the gold price dropped below a one-month low, as the market now expects a rate cut to not come until July 2024. The possibility of high U.S. interest rates is fuelling fears of a global recession and stimulating risk-off flows in the US dollar. Thus, most other major currencies depreciate, and commodities prices decline.
Via- investing.com
could we see gold drop to 1700s ?
please share with me your thoughts bellow . i think it is possible and probable .