GOLD - SENSITIVE Pressure Amid Geopolitical Tensions
Zaktualizowano
Gold prices fell in the European market on Wednesday to resume moving in the negative zone again, away from its highest levels ever, within a short-term downward correction cycle, and under pressure from the rise in the US currency levels against a basket of global currencies.
Where more aggressive comments by Federal Reserve Chairman Jerome Powell led to a decline in the chances of cutting US interest rates by 50 basis points next November, and in order to re-price those chances, investors are awaiting, starting today, the release of a series of important data on the US labor market.
Generally, the direction is an uptrend
Uptrend Side: The price has dropped from the strong resistance level of 2,670. Currently, the price is trading above 2,650, which will act as a support as long as it remains above this level. Therefore, the target of 2,670 is achievable today, with the potential to reach 2,683 if surpassed.
Correction: The price will face a correction toward 2633 before starting the uptrend.
Downtrend Side: For any reason, if the 2,650 level is broken, especially with a 1-hour or 4-hour candle close, bearish momentum is likely to begin, targeting 2,625.
Be cautious of sudden market movements, as geopolitical tensions continue to exert pressure.
Where more aggressive comments by Federal Reserve Chairman Jerome Powell led to a decline in the chances of cutting US interest rates by 50 basis points next November, and in order to re-price those chances, investors are awaiting, starting today, the release of a series of important data on the US labor market.
Generally, the direction is an uptrend
Uptrend Side: The price has dropped from the strong resistance level of 2,670. Currently, the price is trading above 2,650, which will act as a support as long as it remains above this level. Therefore, the target of 2,670 is achievable today, with the potential to reach 2,683 if surpassed.
Correction: The price will face a correction toward 2633 before starting the uptrend.
Downtrend Side: For any reason, if the 2,650 level is broken, especially with a 1-hour or 4-hour candle close, bearish momentum is likely to begin, targeting 2,625.
Be cautious of sudden market movements, as geopolitical tensions continue to exert pressure.
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with best learning
Be Stronger With us
THANKS for your support
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