XAUUSD 15M Entry
Morning Traders,
Quick 15M entry here on Gold, the metal has been consolidating over the last 24 hours, most likely in preparation for the number of Fed speeches coming up this week including Chair Powell's speech this afternoon. The metal looks hesitant to move bearish or bullish after a strong week by the dollar last week, with the fed announcing interest hikes in 2023 (earlier than expected). After the USD strong finish to last week, the bulls retreated and avoided attempting to recover any lost ground. This week however the metal could make a bullish charge toward 1800 as the interest rate hike news dies down and reality hits many that the pandemic is still ongoing (though ending soon hopefully) and that we are still going to experience many more shocks and waves from the pandemic and government spending. The cliche of unprecedented times is never so evident as it is right now with US inflation surging and the S&P 500 hitting all time highs.
However, on the 15M chart we can see a false breakout of the 15 minute trend only to see the metal return within its trend lines, the metal broke the trend and pushed at 1785 for only an hour so before returning to the gradual climb we've seen over the start of this week. This may have dragged a few bulls into earlier than anticipated positions for the push towards 1800 but we are now seeing some reinforcing analysis on the opposite side of the trend with Gold breaking the lower trend line and pushing towards 1775 in the midst of the Asian session. We are sitting in the middle of another false breakout which is prime position to take up stance for the return to trend and a hoorah towards 1800 as we push for the psychological level and hope to turn the resistance to support.
The sheer fact that the hawkish turn by the fed has turned so many heads and created such volatility shows cloudiness within the markets and really highlights the weird and uncertain times that we are in. I feel the fed will turn towards caution after the market reaction and will urge caution within Fed powell's speech. This will ultimately drive us towards the 1800 mark as metals are safe havens during uncertainty and the suggestion of caution will only reiterate further confidence into the metal over the next few weeks.
Hope you enjoy and happy trading!
Quick 15M entry here on Gold, the metal has been consolidating over the last 24 hours, most likely in preparation for the number of Fed speeches coming up this week including Chair Powell's speech this afternoon. The metal looks hesitant to move bearish or bullish after a strong week by the dollar last week, with the fed announcing interest hikes in 2023 (earlier than expected). After the USD strong finish to last week, the bulls retreated and avoided attempting to recover any lost ground. This week however the metal could make a bullish charge toward 1800 as the interest rate hike news dies down and reality hits many that the pandemic is still ongoing (though ending soon hopefully) and that we are still going to experience many more shocks and waves from the pandemic and government spending. The cliche of unprecedented times is never so evident as it is right now with US inflation surging and the S&P 500 hitting all time highs.
However, on the 15M chart we can see a false breakout of the 15 minute trend only to see the metal return within its trend lines, the metal broke the trend and pushed at 1785 for only an hour so before returning to the gradual climb we've seen over the start of this week. This may have dragged a few bulls into earlier than anticipated positions for the push towards 1800 but we are now seeing some reinforcing analysis on the opposite side of the trend with Gold breaking the lower trend line and pushing towards 1775 in the midst of the Asian session. We are sitting in the middle of another false breakout which is prime position to take up stance for the return to trend and a hoorah towards 1800 as we push for the psychological level and hope to turn the resistance to support.
The sheer fact that the hawkish turn by the fed has turned so many heads and created such volatility shows cloudiness within the markets and really highlights the weird and uncertain times that we are in. I feel the fed will turn towards caution after the market reaction and will urge caution within Fed powell's speech. This will ultimately drive us towards the 1800 mark as metals are safe havens during uncertainty and the suggestion of caution will only reiterate further confidence into the metal over the next few weeks.
Hope you enjoy and happy trading!
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