US and European futures are indicating a lower open as investors continue to assess the odds of the potential recession taking place in the US and in Europe. This is the key reason that we have seen the US and European markets closing lower for the past three consecutive days. In addition, traders and investors are also concerned about China’s zero covid policy, and the recent changes in their stance have made some investors more optimistic. There are some indications that China is likely to bring life back to its normal level as Beijing has decided to ease off some of the covid related measures.
As for gold prices, the price action shows that the bulls are controlling the momentum as the price is trading above the 200-day SMA on the daily time frame. As long as the price continues to trade above this price level, there are hopes for further higher highs for the price.
I‘m at sidelines and waiting for a clear direction to crystal out. It’s a mixed sentimental feeling.
As for gold prices, the price action shows that the bulls are controlling the momentum as the price is trading above the 200-day SMA on the daily time frame. As long as the price continues to trade above this price level, there are hopes for further higher highs for the price.
I‘m at sidelines and waiting for a clear direction to crystal out. It’s a mixed sentimental feeling.
