InvestMate 🪙 Gold under pressure from strong doalar 🪙
Updated
🪙 Gold under pressure from strong doalar. In today's analysis we will look at the chart of gold, which in the current week has shown that there is no strength for any increases.
🪙 After the rebound that took place 2 weeks ago, we could have hoped for an enlargement and extension of the upward correction.
🪙 But decisions to raise US interest rates again by 75 basis points to the highest levels in 14 years. And on yesterday's still-persistent inflation data. Doesn't leave the Fed with many options in the fight against inflation.
🪙 Dollar strengthening is in play.
🪙 As a result, commodities such as gold where a strong dollar does not support the continuation of gold prices at high levels are getting hit.
🪙 Looking at the technical aspects of the chart. We are talking here about the weekly chart.
🪙 We can see that all major indicators such as MACD, RSI, STOCH, are strongly bearish and the breakout of the 50 and 200 candle moving average does not help the situation.
🪙 It is also worth noting that the one to one correction did not hold the gold level and we continue another downward impulse.
🪙 The question I pose. It is whether we will see the 1550 level on gold which is the fibo range of 1,272 of the last upward impulse
🚀 If you like my analysis leave a like and follow my profile 🚀
🪙 After the rebound that took place 2 weeks ago, we could have hoped for an enlargement and extension of the upward correction.
🪙 But decisions to raise US interest rates again by 75 basis points to the highest levels in 14 years. And on yesterday's still-persistent inflation data. Doesn't leave the Fed with many options in the fight against inflation.
🪙 Dollar strengthening is in play.
🪙 As a result, commodities such as gold where a strong dollar does not support the continuation of gold prices at high levels are getting hit.
🪙 Looking at the technical aspects of the chart. We are talking here about the weekly chart.
🪙 We can see that all major indicators such as MACD, RSI, STOCH, are strongly bearish and the breakout of the 50 and 200 candle moving average does not help the situation.
🪙 It is also worth noting that the one to one correction did not hold the gold level and we continue another downward impulse.
🪙 The question I pose. It is whether we will see the 1550 level on gold which is the fibo range of 1,272 of the last upward impulse
🚀 If you like my analysis leave a like and follow my profile 🚀
Note
Gold is moving in the right directionTrade active
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