The downtrend has not ended, how much will gold still fall ?
The precious metal just experienced a third consecutive week of losses as recent positive US economic data raised the possibility that interest rates will remain high for a longer time. Talking about the price action this week, analysts expect the market to be quiet as investors await Fed Chairman Jerome Powell's speech at the annual Jackson Hole symposium.
Investors predict that the Fed will keep interest rates steady in the range of 5.25-5.5% until 2024. In this context, interest in precious metals will be less. While there's still plenty of optimism that gold could recover later this year, analysts are warning a lot of short-term technical damage has been done and the precious metal is likely to fall further next week. This.
Investors predict that the Fed will keep interest rates steady in the range of 5.25-5.5% until 2024. In this context, interest in precious metals will be less. While there's still plenty of optimism that gold could recover later this year, analysts are warning a lot of short-term technical damage has been done and the precious metal is likely to fall further next week. This.
Comment:
If there is no strong bounce above $1,905 this week, confidence that a downtrend in gold has been established will increase. In this case, the $1,800 - $1,810 range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.
Comment:
🕯 SELL GOLD | 1900 - 1897
🔴 SL: 1905
🟢 TP1: 1892
🟢 TP2: 1887
🔴 SL: 1905
🟢 TP1: 1892
🟢 TP2: 1887
Trade active:
Running + 30pips ✔️✔️✔️
Trade closed: target reached:
Close Full Hit TP2 + 110pips 😮
Comment:
- Traders reduce short positions to the lowest level since June 2022 for the S&P 500 index.
Comment:
US bank Evercore: The Fed's tightening of monetary policy ended the golden age of investment.
