Gold Price forecast : XAUUSD eyes $1955 after accomplishing the important bear target and the demand zone @1890 $.
It's been a very tough past two months for commodities traders with the fundamental storm, but Technicals never fail.
As we see the Triangle breakout (1930) played very well and tested the top (1998) of the triangle formation and then back to the breaking point (1930) "General rule of a triangle breakout".
But now as US dollar march north and appears unstoppable amid the Hawkish Fed narrative along with the Beijing lockdown influencing the price of the yellow metal to the south and to the demand zone. As Russia-Ukraine conflict is not impacting the traders any longer, the Bears have feasted well over the "SELL EVERYTHING" mode. The price is still under pressure which can be justified as long as the price remains under 50 MA.
But as we see 1890 is holding the price very well, which is calling out for a final retracement to the the mid 1900 level which holds around 1950-1960 before a huge sell off to 1820-1850 zone which is the support back from August 2021 - February 2022.
With Inflation fears, Fed rate hike, COVID-19 Lockdown in China & Russia-Ukraine conflict, the market will have mixed sentiment. Very interesting months ahead.
Please follow, like and share if you agree with my setup.
Be careful with the risk management. Trade safe.
Cheers.
fxgoldsniper
It's been a very tough past two months for commodities traders with the fundamental storm, but Technicals never fail.
As we see the Triangle breakout (1930) played very well and tested the top (1998) of the triangle formation and then back to the breaking point (1930) "General rule of a triangle breakout".
But now as US dollar march north and appears unstoppable amid the Hawkish Fed narrative along with the Beijing lockdown influencing the price of the yellow metal to the south and to the demand zone. As Russia-Ukraine conflict is not impacting the traders any longer, the Bears have feasted well over the "SELL EVERYTHING" mode. The price is still under pressure which can be justified as long as the price remains under 50 MA.
But as we see 1890 is holding the price very well, which is calling out for a final retracement to the the mid 1900 level which holds around 1950-1960 before a huge sell off to 1820-1850 zone which is the support back from August 2021 - February 2022.
With Inflation fears, Fed rate hike, COVID-19 Lockdown in China & Russia-Ukraine conflict, the market will have mixed sentiment. Very interesting months ahead.
Please follow, like and share if you agree with my setup.
Be careful with the risk management. Trade safe.
Cheers.
fxgoldsniper
Comment:
1820 zone, TARGET HIT
