XAUUSD Potential Forecast | Wednesday 22nd February 2023
Hi everyone!
Chern Yu back here again with another GOLD forecast/trade idea.
This is based on smart money concepts and structure which forms the basis of technical analysis in FX.
As you can see from the chart above, I have marked out the multiple break of structures present, signifying lower highs and lower lows being formed.
Do take note that this week is still riddled with multiple news release such as the prelim GDP for USD and the upcoming FOMC meeting minutes publication.
I am looking for potential short entries on GOLD.
Fundamental context
1. Given the extremely strong economic data such as the NFP and inflation coming in more resilient, the Fed require a longer runway for their restrictive policy to take effect and I believe that this will prompt the Fed to take on a more hawkish tone to combat the resilient economy of US.
2. Preliminary GDP release looks set to print a positive figure.
Technical context
1. Blue demand zone marked at 1828.5 odds is a potential point of target for short take profits.
2. GOLD is currently on a bearish market.
3. Price most recently cleared buyside liquidity and has since continued bearish.
4. Price also rejected a key H1 resistance level marked by the lighter blue zone.
Personally, GOLD has further bearish potential to tap into the blue demand zone at 1828.5 which will give us a decent ~80 pips.
Trade safe everyone! This week is full of important key news.
Regards,
Chern Yu
Chern Yu back here again with another GOLD forecast/trade idea.
This is based on smart money concepts and structure which forms the basis of technical analysis in FX.
As you can see from the chart above, I have marked out the multiple break of structures present, signifying lower highs and lower lows being formed.
Do take note that this week is still riddled with multiple news release such as the prelim GDP for USD and the upcoming FOMC meeting minutes publication.
I am looking for potential short entries on GOLD.
Fundamental context
1. Given the extremely strong economic data such as the NFP and inflation coming in more resilient, the Fed require a longer runway for their restrictive policy to take effect and I believe that this will prompt the Fed to take on a more hawkish tone to combat the resilient economy of US.
2. Preliminary GDP release looks set to print a positive figure.
Technical context
1. Blue demand zone marked at 1828.5 odds is a potential point of target for short take profits.
2. GOLD is currently on a bearish market.
3. Price most recently cleared buyside liquidity and has since continued bearish.
4. Price also rejected a key H1 resistance level marked by the lighter blue zone.
Personally, GOLD has further bearish potential to tap into the blue demand zone at 1828.5 which will give us a decent ~80 pips.
Trade safe everyone! This week is full of important key news.
Regards,
Chern Yu