Gold: The significant development on Friday is crossing 2049-2052 level. This is major development. The market is celebrating the potential interest rate pause & future cut in interest rates in 2024.
This is the feature of the market that it discounts and counts "In Today" the future developments and effects. This is market efficiency.
Next week i see a choppy /range bound market till Friday when NFP announcement will be announced. NFP weeks are normally choppy.
For Gold only direction is Buy however 2077-2080 Patch may provide short time Selling opportunity , but it is risky.
2042-2052 is expected to act as support where next buying sequel will be generated. Looking at the Weekly Gold chart which is kind of Ascending triangle. I think Gold will make a all-time high at 2100 very likely and if surpassed possibly 2200.
For the time being I aim at 2078.80 and 2100.80.
This is the feature of the market that it discounts and counts "In Today" the future developments and effects. This is market efficiency.
Next week i see a choppy /range bound market till Friday when NFP announcement will be announced. NFP weeks are normally choppy.
For Gold only direction is Buy however 2077-2080 Patch may provide short time Selling opportunity , but it is risky.
2042-2052 is expected to act as support where next buying sequel will be generated. Looking at the Weekly Gold chart which is kind of Ascending triangle. I think Gold will make a all-time high at 2100 very likely and if surpassed possibly 2200.
For the time being I aim at 2078.80 and 2100.80.
Trade closed: target reached:
2100 Achieved