GOLD : After Powell's Speech - What's Next?
GOLD : After Powell's Speech - What's Next?
As I explained before the market was only focused on Powell's speech and the new things he was going to share about the FOMC rate cut.
In general, he did not share anything new today.
He spoke about Covid19 and its consequences, the war between Russia and Ukraine, and high inflation.
The problems they faced regarding unemployment and how well the US is performing.
So in general there was nothing new.
Be careful as the market can get tricked after all this and move down again.
The USD is weak so far, but in my opinion there is no case for weakness as long as the US is doing well.
From our previous analysis GOLD reached the first target at 2483 and moved down up to 2470.
it is likely to resume the bearish move again.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous analysis:
As I explained before the market was only focused on Powell's speech and the new things he was going to share about the FOMC rate cut.
In general, he did not share anything new today.
He spoke about Covid19 and its consequences, the war between Russia and Ukraine, and high inflation.
The problems they faced regarding unemployment and how well the US is performing.
So in general there was nothing new.
Be careful as the market can get tricked after all this and move down again.
The USD is weak so far, but in my opinion there is no case for weakness as long as the US is doing well.
From our previous analysis GOLD reached the first target at 2483 and moved down up to 2470.
it is likely to resume the bearish move again.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Previous analysis:
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