Today I am going to share 1hr chart because on day chart nothing changed. Right now gold has formed a bull flag on 1hr chart which means if it break the flag upward then most probably 2063 will be its first target but for this it needs to break 2055 area properly. Gold is holding it main support of 2048 and from top its holding its main resistance of 2063. Last 7 candles are red but if you see over all movement its almost $8 over all which is not good. Nothing is clear atm because of geopolitical tensions in the Middle East.
The geopolitical conflict between Israel and Gaza has extended to the Red Sea, with the Iran-backed Houthi group persistently targeting maritime vessels. Despite recent military strikes by the United States (US) and the United Kingdom (UK) on Houthi sites in Yemen, the situation has led to a shift in the previously positive market sentiment towards risk aversion. This shift could potentially bolster the demand for safe-haven assets such as Gold.
There are lot of reasons for its pump:
I think today it will move within range till US market open. There are some important news of US NY Empire State Manufacturing Index for January, as well as a speech by the Federal Reserve's Waller later on Tuesday. These events are anticipated to provide insights into the economic conditions and the central bank's perspectives, influencing market sentiments and decisions in the XAU/USD pair.
Most Watchable areas:
2063-2073 for upward movement
2030-2015 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
The geopolitical conflict between Israel and Gaza has extended to the Red Sea, with the Iran-backed Houthi group persistently targeting maritime vessels. Despite recent military strikes by the United States (US) and the United Kingdom (UK) on Houthi sites in Yemen, the situation has led to a shift in the previously positive market sentiment towards risk aversion. This shift could potentially bolster the demand for safe-haven assets such as Gold.
There are lot of reasons for its pump:
- Greenback improves on upbeat US Treasury yields.
- Hawkish comments from the Atlanta Fed President Raphael Bostic.
- Gold demand could improve on risk aversion due to the escalated Middle East conflict.
I think today it will move within range till US market open. There are some important news of US NY Empire State Manufacturing Index for January, as well as a speech by the Federal Reserve's Waller later on Tuesday. These events are anticipated to provide insights into the economic conditions and the central bank's perspectives, influencing market sentiments and decisions in the XAU/USD pair.
Most Watchable areas:
2063-2073 for upward movement
2030-2015 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Comment:
At last it has broken it's 2048 properly. There was some upward movement but it was for a moment. I still believe gold is bearish and for long term upward movement it should touch 1960 at least. Right now 2030 is hurdle for more down and this time it should break 2016 properly. Gold is down after fed hawkish comments and if it will be up only because of geopolitical otherwise it will go more down if inflation will not be much higher
