Weekly / Intraday Analysis - (19 - 23 Dec 2022)
At FOMC monetary policy last Thursday, Santa Powell threw a flash grenade at the market leaving everyone stunned and paralyzed.
Fundamental wise, although the FED's minor shift in monetary policy reducing rate hikes to 50 BPS from 75 BPS, it is still considerably a stronger rate hike as compared to 25 BPS in terms of rate hikes as a whole. Accompanied with Santa Powell's firm speech on fighting inflation and reducing rate hikes to 2% which is floating at 4.5% as we speak, the FED still have a long and tough road ahead.
KIV: Russia's rumor on selling OIL against GOLD WILL result in a rally on gold and demise of the dollar. If this news is to be proven true, GOLD may break ATH and double in value to USD 3600/ ounce even.
On the technical standpoint, after every major rally/ dive in markets, we will have a pull back on gold and the dollar, as per seen gold has broken its bullish market structure from 1616 KL. Its highs printing at 1824 KL and LL at 1777 KL. What we want to be looking at will be gold forming LH and LL instead of breaking previous highs to signify a reversal towards 1616 KL taking price level by level.
Will be giving a few scalps and intraday plays:
Scalp
Buys:
- 1795 - 1808 KL
- 1815 - 1824 KL
Sells:
- 1775 - 1768 KL
Intra-day
Sells:
HRHR : 1822 KL
MRMR: 1811 KL
Safer: 1765 KL
Buys:
HRHR: 1795 KL
MRMR: 1815 KL
Safer: 1825 KL
Range plays:
HRHR sells: 1804 KL
MRMR sells: 1795 KL
Fundamental wise, although the FED's minor shift in monetary policy reducing rate hikes to 50 BPS from 75 BPS, it is still considerably a stronger rate hike as compared to 25 BPS in terms of rate hikes as a whole. Accompanied with Santa Powell's firm speech on fighting inflation and reducing rate hikes to 2% which is floating at 4.5% as we speak, the FED still have a long and tough road ahead.
KIV: Russia's rumor on selling OIL against GOLD WILL result in a rally on gold and demise of the dollar. If this news is to be proven true, GOLD may break ATH and double in value to USD 3600/ ounce even.
On the technical standpoint, after every major rally/ dive in markets, we will have a pull back on gold and the dollar, as per seen gold has broken its bullish market structure from 1616 KL. Its highs printing at 1824 KL and LL at 1777 KL. What we want to be looking at will be gold forming LH and LL instead of breaking previous highs to signify a reversal towards 1616 KL taking price level by level.
Will be giving a few scalps and intraday plays:
Scalp
Buys:
- 1795 - 1808 KL
- 1815 - 1824 KL
Sells:
- 1775 - 1768 KL
Intra-day
Sells:
HRHR : 1822 KL
MRMR: 1811 KL
Safer: 1765 KL
Buys:
HRHR: 1795 KL
MRMR: 1815 KL
Safer: 1825 KL
Range plays:
HRHR sells: 1804 KL
MRMR sells: 1795 KL