3 REASONS FOR GOLD REACHING $1,460
Hi traders
1) As forecasted in one of my previous posts on Gold, the yellow metal fell from the $1,500 level to a low of $1,474, breaking below a short-term support level on the way.
2) It looks like buyers are stepping in at those lows, creating long-wicked pinbar candles. Still, the overall trend is down and we could see a retest of the previous LL around the $1,460 level.
3) Yield curves are inverting again for the first time since July (3m T-bills and 10y T-notes), lowering recession fears which could undermine the price of gold.
1) As forecasted in one of my previous posts on Gold, the yellow metal fell from the $1,500 level to a low of $1,474, breaking below a short-term support level on the way.
2) It looks like buyers are stepping in at those lows, creating long-wicked pinbar candles. Still, the overall trend is down and we could see a retest of the previous LL around the $1,460 level.
3) Yield curves are inverting again for the first time since July (3m T-bills and 10y T-notes), lowering recession fears which could undermine the price of gold.
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