Intraday Analysis - ( 23 FEB 2023 )
For weeks we have been emphasizing on dollar dominance and gold bears and have been adapting to clean sells with our key levels. Last night during FOMC meeting minutes , there was a slight hawkish tone which led gold to do a shot squeeze down. Will be playing the bearish bias as there is no shift in fundamentals just yet.
HRHR SELLS AT 1832ish region
MRMR SELLS AT 1828 region
SAFEST SELLS BELOW 1820
However if the whole move from FOMC meeting minutes gets corrected , i will only look for safest buys above 1848 which we may potentially see gold retest greater sell side liquidity zones. Till then scalp buys are valids but my bias will be shorts.
We have GDP data releasing tonight whereby its a good indicator of overall economy. As forecasted , we are expecting to see an improvement in US economy which can give DXY strength and potentially create a new high this will then be in line with our gold shorts possibly to 1812-1800.
If data release above forecast or as forecasted is good for the dollar, is data is bad , expect deeper pullbacks on gold but the market sentiment that holds more weight is still dollar dominance. What this means is we may see deeper pull backs above 1848 to possibly 1855 before heading back down again.
For weeks we have been emphasizing on dollar dominance and gold bears and have been adapting to clean sells with our key levels. Last night during FOMC meeting minutes , there was a slight hawkish tone which led gold to do a shot squeeze down. Will be playing the bearish bias as there is no shift in fundamentals just yet.
HRHR SELLS AT 1832ish region
MRMR SELLS AT 1828 region
SAFEST SELLS BELOW 1820
However if the whole move from FOMC meeting minutes gets corrected , i will only look for safest buys above 1848 which we may potentially see gold retest greater sell side liquidity zones. Till then scalp buys are valids but my bias will be shorts.
We have GDP data releasing tonight whereby its a good indicator of overall economy. As forecasted , we are expecting to see an improvement in US economy which can give DXY strength and potentially create a new high this will then be in line with our gold shorts possibly to 1812-1800.
If data release above forecast or as forecasted is good for the dollar, is data is bad , expect deeper pullbacks on gold but the market sentiment that holds more weight is still dollar dominance. What this means is we may see deeper pull backs above 1848 to possibly 1855 before heading back down again.