GOLD → A bullish breakdown of the channel. Upcoming news
Updated
Gold broke through the 2000 resistance zone on yesterday's news and was a bit unpredictable, strengthening for 2015, as on the older timeframe the prerequisites were only for a decline.
There is a lot of news today that will throw the market into turmoil.
Non-farm employment expectations from ADP are hard to predict as the reaction will depend on the actual figure, which we do not yet know. The PMI is expected to be more positive than in the previous period.
FOMC Expectations:
All this suggests that a slight strengthening of the dollar is likely to follow, but, again, the situation is complicated, we'll keep an eye on the press releases.
Strong resistance: 2019, 2025 and 2032.
Strong support: 2010, 2000, the boundary of the downward channel.
Gold is showing us a positive trend. If fundamentals show bullish potential for the dollar, gold will return to the correction rate format. But technically gold has accumulated a lot of potential, and a break-down of the resistance shows us the direction in which the futures are going to realize this potential.
Regards, R. Linda!
There is a lot of news today that will throw the market into turmoil.
Non-farm employment expectations from ADP are hard to predict as the reaction will depend on the actual figure, which we do not yet know. The PMI is expected to be more positive than in the previous period.
FOMC Expectations:
- -BlackRock and former U.S. Treasury Secretary expect that the problem with banks and the government debt ceiling will not prevent the Fed from raising rates today.
- -Consensus: The Fed will raise rates by 0.25% at today's meeting and then take a pause.
- -Fedwatch: markets are laying down a 91% chance of a 0.25% Fed rate hike in May.
All this suggests that a slight strengthening of the dollar is likely to follow, but, again, the situation is complicated, we'll keep an eye on the press releases.
Strong resistance: 2019, 2025 and 2032.
Strong support: 2010, 2000, the boundary of the downward channel.
Gold is showing us a positive trend. If fundamentals show bullish potential for the dollar, gold will return to the correction rate format. But technically gold has accumulated a lot of potential, and a break-down of the resistance shows us the direction in which the futures are going to realize this potential.
Regards, R. Linda!
Trade active
Note
Gold moves according to the script. Volatility increases very much and the price reaches a high of 2066.
Ahead is the retest of 2070
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