RLinda ! GOLD-> Flag on bullish momentum. Going up?
Updated
Gold prices rose nearly $100 (to $1722) after U.S. unemployment data was released Friday, raising hopes that the Federal Reserve will be less aggressive in raising rates.
-U.S. midterm elections provide some support for gold
-Gold prices were little changed Thursday as investors refrained from making big bets ahead of U.S. inflation data
-The price is supported by unemployment data
The futures are in a consolidation phase at the moment. On the chart, we see the formation of the trend continuation pattern. The reason for that is investors' caution, who were waiting for the key inflation data in the U.S., which may affect the future interest rate hikes by the Federal Reserve System.
The US consumer price index report for October will be released at 13:30 GMT.
Economists expect core inflation to decline. Accordingly, economists tend to expect prices to rise if there are signs of cooling inflation, but if the numbers are higher, there will be speculation that the Fed's actions will put pressure on gold again.
Traders now estimate a 47% chance of a 50 basis point rate hike and a 53% chance of a 75 basis point hike at the December Fed meeting
From the point of view of technical analysis, a "flag" pattern is forming on the chart, which plays the role of a trend continuation set-up.
Earlier the price came out of the consolidation upward and in fact is in the phase of distribution, I think that this phase can continue until it reaches important levels, after which a pullback may follow
I expect an exit from the pattern upwards and rise in price to the level of 1728.97
Target in the midterm is the resistance level of 1765.
Regards R. Linda!
-U.S. midterm elections provide some support for gold
-Gold prices were little changed Thursday as investors refrained from making big bets ahead of U.S. inflation data
-The price is supported by unemployment data
The futures are in a consolidation phase at the moment. On the chart, we see the formation of the trend continuation pattern. The reason for that is investors' caution, who were waiting for the key inflation data in the U.S., which may affect the future interest rate hikes by the Federal Reserve System.
The US consumer price index report for October will be released at 13:30 GMT.
Economists expect core inflation to decline. Accordingly, economists tend to expect prices to rise if there are signs of cooling inflation, but if the numbers are higher, there will be speculation that the Fed's actions will put pressure on gold again.
Traders now estimate a 47% chance of a 50 basis point rate hike and a 53% chance of a 75 basis point hike at the December Fed meeting
From the point of view of technical analysis, a "flag" pattern is forming on the chart, which plays the role of a trend continuation set-up.
Earlier the price came out of the consolidation upward and in fact is in the phase of distribution, I think that this phase can continue until it reaches important levels, after which a pullback may follow
I expect an exit from the pattern upwards and rise in price to the level of 1728.97
Target in the midterm is the resistance level of 1765.
Regards R. Linda!
Note
GOLD. TARGET 1 REACHED!
Gold is performing well in the "FLAG" pattern.
The price breaks the resistance of the pattern and reaches our target
Gold has moved almost 1.5% in our direction.
+180 pips so far.
Gold breaks through resistance of 1728 and we need to wait for the price reaction to the level for further price movement presentation. Either up or down.
The next target is resistance 1765
Trade closed: target reached
Gold +610 pips!
FLAG pattern is working out 100%!!!
Patten suggests further continuation of the trend. After the breakdown of resistance, momentum is formed to the first resistance 1728, but the distribution does not end and the price strengthens to the next. 1765. Target reached
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
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