RLinda

RLinda ! GOLD-> Gold indicates a bullish mood. What's next?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices jumped nearly 1.5% Wednesday to $1674.7 as dollar and bond yields eased amid signs the U.S. Fed's aggressive rate hike has taken some inflationary pressure off
The U.S. Fed Reserve is expected to raise rates by 75 basis points in November. Also likely to lend itself to a discussion of "how much higher it can safely raise the cost of borrowing."
Taking cues from the data, yields on the 10-year Treasury bond fell, while the DXY dollar index hit its lowest level since Sept. 20, canceling the appeal of gold to those with other currencies
*With further positive circumstances in the long run, we can expect gold to rise to the $1,800, $2,000, $2,200 mark
I should also note one more thing:
  • 1) The price after the retest of the bottom forms a strong impulse, on the global timeframe we see that the price is testing MA-50 on the monthly chart
  • 2) Active price reaction from the trend line
  • 3) On the hourly chart the price is trading above the trend lines MA-50 and MA-200
  • 4) There is an assumption that the price is going towards the daily MA-50, after testing of which a pullback can be formed.
  • 5) Gold shows bullish mood formation (locally)

In terms of technical analysis on the main chart:
1) After testing the resistance zone of the formed ascending price channel, the price can go down to the 1654 zone in a technical pullback phase
2) The price can test the resistance of the price channel, if it demonstrates the bullish mood and forces positions above the level of 1668
3) The price on the retest might break through the channel resistance and form a strong impulse towards the levels:
  • - 1681
  • - 1703
  • - 1728

Regards R. Linda!

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