🔰 Pair Name : GOLD/ XAUUSD
🔰 Time Frame : HOUR/DAILY
🔰 Scale Type : MID/LONG SCALE
🔰 Direction: LONG/BUY
Technical View 📈:
Gold has recently broken a significant downtrend, indicating a potential trend reversal. 🔄 Currently, it appears to be undergoing a final retest on the daily supply zone, which has been breached. This suggests that the price may be headed higher to complete the CD leg of a Gartley pattern. 📈 Notably, the price has reached the fib level of 78.6% and is attempting to retest the 61.8% area, approximately around 1973. We expect the price to continue its upward movement after a successful retest in the 1973.9 - 1970 area. 🚀
A key level to monitor closely is the daily supply zone at 1985. If this level is firmly breached to the upside today, it could trigger a significant upward move in the price. 🎯
Fundamental Considerations 📊:
Regarding fundamental factors, there have been recent discussions about higher interest rates, which could impact the U.S. dollar's strength and affect gold prices. 💵 However, the recent Federal Reserve rate hike did not lead to major changes, and some market participants believe it may have been somewhat unnecessary. This has created a sense that we may have seen the last rate hike of this cycle, especially as inflation has eased to 3% and rates have reached their highest levels in 22 years. The Fed's stance appears to be less urgent than in previous meetings, leading to cautious optimism in the markets regarding inflation control and a potential path towards lower rates. 🤞
Please note that trading involves risk, and it's essential to conduct thorough analysis and implement proper risk management strategies when making trading decisions based on technical and fundamental factors. ⚠️🛡️ Happy trading! 🚀💰
🔰 Time Frame : HOUR/DAILY
🔰 Scale Type : MID/LONG SCALE
🔰 Direction: LONG/BUY
Technical View 📈:
Gold has recently broken a significant downtrend, indicating a potential trend reversal. 🔄 Currently, it appears to be undergoing a final retest on the daily supply zone, which has been breached. This suggests that the price may be headed higher to complete the CD leg of a Gartley pattern. 📈 Notably, the price has reached the fib level of 78.6% and is attempting to retest the 61.8% area, approximately around 1973. We expect the price to continue its upward movement after a successful retest in the 1973.9 - 1970 area. 🚀
A key level to monitor closely is the daily supply zone at 1985. If this level is firmly breached to the upside today, it could trigger a significant upward move in the price. 🎯
Fundamental Considerations 📊:
Regarding fundamental factors, there have been recent discussions about higher interest rates, which could impact the U.S. dollar's strength and affect gold prices. 💵 However, the recent Federal Reserve rate hike did not lead to major changes, and some market participants believe it may have been somewhat unnecessary. This has created a sense that we may have seen the last rate hike of this cycle, especially as inflation has eased to 3% and rates have reached their highest levels in 22 years. The Fed's stance appears to be less urgent than in previous meetings, leading to cautious optimism in the markets regarding inflation control and a potential path towards lower rates. 🤞
Please note that trading involves risk, and it's essential to conduct thorough analysis and implement proper risk management strategies when making trading decisions based on technical and fundamental factors. ⚠️🛡️ Happy trading! 🚀💰
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