Gold- Seeking Direction Validation from Powell Speech
Gold: Technically, Gold is in neutral Zone. Gold is still under the spell of bullish breakout. Only if 1905-1907 level is broken, this bullish breakout is invalidated.
Yesterday Gold made a pullback from 1920-23 level making a double top. Current market is waiting for the Powel speech today at Jackson Hole Symposium. This is a major event which can influence the market. Market will be watching for Monetary policy-interest rate clues from Powell speech.
As the market/Gold is dependent on news, the technicals may be violated several times today in US session.
We shall be looking forward to enter trade after the speech is delivered and market get a new direction. If 1905-1907 level is broken , Gold will move towards the 1885 support. If this level is sustained. We can see 1922 and 1930 today or in next week.
Good Luck !
Do comment on idea and odds
Yesterday Gold made a pullback from 1920-23 level making a double top. Current market is waiting for the Powel speech today at Jackson Hole Symposium. This is a major event which can influence the market. Market will be watching for Monetary policy-interest rate clues from Powell speech.
As the market/Gold is dependent on news, the technicals may be violated several times today in US session.
We shall be looking forward to enter trade after the speech is delivered and market get a new direction. If 1905-1907 level is broken , Gold will move towards the 1885 support. If this level is sustained. We can see 1922 and 1930 today or in next week.
Good Luck !
Do comment on idea and odds