RLinda ! GOLD-> Is the fall still going on? What to expect?
GOLD falls again and reaches the 1640 zone, after which it enters a consolidation phase (down nearly $55). This is the first time in three weeks that it has fallen - the metal's reaction to:
On the global chart, as part of the decline based on fundamental news, price enters the 1660-1621 range, whose resistance is the base of a previously formed pro-trade. The price opens up the potential for a decline to the 1621 zone
On the main chart we see developments for the short scenario. The price on the retest failed to break the resistance up, but only bounced back and is forming a consolidation at the upper border of the descending price channel. I assume that we may see a fall in the near future.
Regards R. Linda!
- The rise in the 10-year U.S. Treasury bond yield to 4%
- Continued strength in the dollar index
- United States Federal Reserve's reluctance to loosen monetary policy at this time
On the global chart, as part of the decline based on fundamental news, price enters the 1660-1621 range, whose resistance is the base of a previously formed pro-trade. The price opens up the potential for a decline to the 1621 zone
On the main chart we see developments for the short scenario. The price on the retest failed to break the resistance up, but only bounced back and is forming a consolidation at the upper border of the descending price channel. I assume that we may see a fall in the near future.
- The short-term target is support at 1642
- Medium-term target - liquidity zone 1622
Regards R. Linda!
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