GOLD (16/03/22) - Interpretation
1. No changes on limits set in previous post which mean that gold as investment suffered from poor turnout of traders unlike previous weeks.
2. After increasing the interest rate on USD by 0.25% today as well as declaration that Fed will increase it by 4 to 7 times along the year will adversely affect trading on gold next periods.
3. Prices are trying to exist the testing area inside the major support (green) zone in the direction of increase but suffering from resistant due to EMA50 and EMA50. Short traders were only active today and make fast investment with small profits per ounce.
4. Prices will get support above 1896.9x. Resistants due EMA50 around $1928. xx and below 1940.5x.
5. Penetrating the supporting level below 1896.9x means that prices will depreciate gradually to 1874.2x and above 1851.5x if traders turn to focus more on USD and stocks.
Tools used in analysis were Fib pattern, BB indicator, and MA Ribbon.
2. After increasing the interest rate on USD by 0.25% today as well as declaration that Fed will increase it by 4 to 7 times along the year will adversely affect trading on gold next periods.
3. Prices are trying to exist the testing area inside the major support (green) zone in the direction of increase but suffering from resistant due to EMA50 and EMA50. Short traders were only active today and make fast investment with small profits per ounce.
4. Prices will get support above 1896.9x. Resistants due EMA50 around $1928. xx and below 1940.5x.
5. Penetrating the supporting level below 1896.9x means that prices will depreciate gradually to 1874.2x and above 1851.5x if traders turn to focus more on USD and stocks.
Tools used in analysis were Fib pattern, BB indicator, and MA Ribbon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.