Hello traders,
Gold price fell more than 2% last week. The declining gold price trend stems from the stronger US dollar and increased prospects that the Federal Reserve will continue it’s sharp rate hikes to tame inflation.
We consider selling xauusd after retracement higher and a price action signal, near $1675 supply zone targeting $1650 and $1630.
Based on the technical analysis, Xauusd has resumed its decline after failing to clear resistance in the $1675 area, with major support at $1615. If the sellers manage to breach it we could see a move towards $1570. In case the bulls return and spark a bullish reversal, the first hurdle comes in at $1675. If this barrier is taken out decisively, next could be $1700.
Please support our work with like and comment, thank you!
Gold price fell more than 2% last week. The declining gold price trend stems from the stronger US dollar and increased prospects that the Federal Reserve will continue it’s sharp rate hikes to tame inflation.
We consider selling xauusd after retracement higher and a price action signal, near $1675 supply zone targeting $1650 and $1630.
Based on the technical analysis, Xauusd has resumed its decline after failing to clear resistance in the $1675 area, with major support at $1615. If the sellers manage to breach it we could see a move towards $1570. In case the bulls return and spark a bullish reversal, the first hurdle comes in at $1675. If this barrier is taken out decisively, next could be $1700.
Please support our work with like and comment, thank you!
Comment:
We did not get a pullback higher to sell and gold dropped to $1633 today. We will be looking for another selling opportunity.