Gold resistance level at $2050. If there is a pullback to the $1980 range, it could present a favorable opportunity to buy gold with a target of reaching $2050. if the price dips below $1980, there is a reliable support level at $1950. I strongly recommend exercising caution and refraining from rushing into buy trades; it's prudent to wait for a correction.
FOMC meeting this week, which could have a notable impact, particularly in light of the strong GDP figures from the previous report. If the Federal Reserve adopts a hawkish stance, so gold can go vertically down. we may witness a surge in gold purchases driven by a "fear of missing out" (FOMO) sentiment, potentially resulting in a target price of $2080, If FED adopts a dovish stance.
FOMC meeting this week, which could have a notable impact, particularly in light of the strong GDP figures from the previous report. If the Federal Reserve adopts a hawkish stance, so gold can go vertically down. we may witness a surge in gold purchases driven by a "fear of missing out" (FOMO) sentiment, potentially resulting in a target price of $2080, If FED adopts a dovish stance.
Trade active:
:arrow: Weekly Analysis 5 Nov, 2023
The weekly analysis remains unchanged. In line with the previous assessment, it is expected that Gold may undergo a correction, with potential support levels at 1975, 1950, and a worst-case scenario of 1920. Notably, the recent speech by the Federal Reserve did not indicate any plans for further interest rate hikes. While the last Non-Farm Payrolls (NFP) and GDP data showed positive indicators for Gold, the precious metal has been unable to surpass the $2000 mark. As a result, it is likely that Gold will experience a correction and a shift in sentiment, presenting buying opportunities. It is expected that Gold could potentially surpass the $2100 mark in the coming months.
The weekly analysis remains unchanged. In line with the previous assessment, it is expected that Gold may undergo a correction, with potential support levels at 1975, 1950, and a worst-case scenario of 1920. Notably, the recent speech by the Federal Reserve did not indicate any plans for further interest rate hikes. While the last Non-Farm Payrolls (NFP) and GDP data showed positive indicators for Gold, the precious metal has been unable to surpass the $2000 mark. As a result, it is likely that Gold will experience a correction and a shift in sentiment, presenting buying opportunities. It is expected that Gold could potentially surpass the $2100 mark in the coming months.
Trade active:
First support tested 1975.
Trade active:
second support tested 1950.
Trade closed: target reached:
Almost touch 1930 trade closed