Technical & Fundamental Analysis (Short Term) By PapaFinanceTalk
Technical & Fundamental Analysis (Short Term)
By PapaFinanceTalk 11/03/2024
Technical Analysis:
- The current gold price in the short timeframe remains in a clear uptrend.
- Gold is still above the 200-day moving average, supported by the Fed Chair's signal of interest rate cuts last week.
- Reversal signals are still weak.
________________________________
Price Forecast:
- Gold is expected to move sideways until the CPI (inflation) data release on Tuesday.
- If the price breaks below the uptrend channel at around 2169, it may retrace to the 61.8% Fibonacci level at around 2151.
- The price could then resume its upward movement within the larger timeframe trend channel.
- The key factor to watch this week is whether the inflation data will exceed expectations and put pressure on gold prices.
________________________________
Economic Analysis:
- Another important economic indicator to watch is the US jobless claims data.
- While the US dollar weakened last week, we believe it is important to be cautious about a potential rebound in the dollar this week if US economic data comes out better than expected.
________________________________
Overall Outlook:
The continued slowdown in inflation could lead the Fed to cut rates this year. However, if inflation comes out higher than expected, the Fed may cut rates less than anticipated.
________________________________
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
By PapaFinanceTalk
March 11, 2024
________________________________
Additional Notes:
- Traders should monitor price action closely and look for potential trend reversals.
- Economic data releases can have a significant impact on gold prices, so traders should be prepared for market volatility.
- It is important to use a combination of technical and fundamental analysis to make informed trading decisions.
By PapaFinanceTalk 11/03/2024
Technical Analysis:
- The current gold price in the short timeframe remains in a clear uptrend.
- Gold is still above the 200-day moving average, supported by the Fed Chair's signal of interest rate cuts last week.
- Reversal signals are still weak.
________________________________
Price Forecast:
- Gold is expected to move sideways until the CPI (inflation) data release on Tuesday.
- If the price breaks below the uptrend channel at around 2169, it may retrace to the 61.8% Fibonacci level at around 2151.
- The price could then resume its upward movement within the larger timeframe trend channel.
- The key factor to watch this week is whether the inflation data will exceed expectations and put pressure on gold prices.
________________________________
Economic Analysis:
- Another important economic indicator to watch is the US jobless claims data.
- While the US dollar weakened last week, we believe it is important to be cautious about a potential rebound in the dollar this week if US economic data comes out better than expected.
________________________________
Overall Outlook:
The continued slowdown in inflation could lead the Fed to cut rates this year. However, if inflation comes out higher than expected, the Fed may cut rates less than anticipated.
________________________________
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and consult with a financial professional before making any investment decisions.
By PapaFinanceTalk
March 11, 2024
________________________________
Additional Notes:
- Traders should monitor price action closely and look for potential trend reversals.
- Economic data releases can have a significant impact on gold prices, so traders should be prepared for market volatility.
- It is important to use a combination of technical and fundamental analysis to make informed trading decisions.
>> Join me, I'll guide you to PROFITABLE TRADING💵!
📊Free Telegram Channel: t.me/papafinancetalk
✅Contact: t.me/+cA4oFt-IaV9hZTk1
📊Free Telegram Channel: t.me/papafinancetalk
✅Contact: t.me/+cA4oFt-IaV9hZTk1
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.