Gold at a Crossroads
Updated
Gold at a Crossroads
Today Oil prices fell as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease worries about supply disruptions in the Middle East.
However, as we can see, GOLD has not reacted to this news.
Moreover, gold rose during the first hours of the London market by almost +1.1% from 2497.30 to 2525.10
The price completed a large harmonic pattern and could also go up a bit more.
The marker is talking about the FED and how a rate cut can push the price of gold even higher making GOLD more attractive.
This is all one big manipulation, but why and who is creating this moves in a quite day will never be clear.
GOLD has value in my opinion and can go up, but considering that the price of gold went up unjustifiably from various perspectives we have to be very careful.
On the other hand, if we consider only the FOMC and Powell speech, we can see that the whole market has already moved. Chances are high, that all of Powell's comments have already been priced in.
I am looking for a potential reversal zone between 2525 and 2550.
I will also prepare an extended version of this analysis.
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❤️
Today Oil prices fell as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease worries about supply disruptions in the Middle East.
However, as we can see, GOLD has not reacted to this news.
Moreover, gold rose during the first hours of the London market by almost +1.1% from 2497.30 to 2525.10
The price completed a large harmonic pattern and could also go up a bit more.
The marker is talking about the FED and how a rate cut can push the price of gold even higher making GOLD more attractive.
This is all one big manipulation, but why and who is creating this moves in a quite day will never be clear.
GOLD has value in my opinion and can go up, but considering that the price of gold went up unjustifiably from various perspectives we have to be very careful.
On the other hand, if we consider only the FOMC and Powell speech, we can see that the whole market has already moved. Chances are high, that all of Powell's comments have already been priced in.
I am looking for a potential reversal zone between 2525 and 2550.
I will also prepare an extended version of this analysis.
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❤️
Note
2509 was reached with a quick sell-off
Note
What's Next On GOLD?
After the analysis I posted yesterday, we saw gold peak at 2531.59 and the price depreciated by nearly 1.22%.
The low for yesterday was reached at 2500.68
After 2500 was tested we saw a bullish price reaction because it is a strong psychological price level.
Also today the price is showing slight weakness and a move below 2500 will open the doors for further price decline as shown on the chart.
Immediate support will be found near: 2483; 2464 and 2433
Note
GOLD - What's next
Price just tested 2484.80 after testing a new all-time high on August 20, 2024
The FOMC minutes made it clear again that a rate cut in September is likely
The focus now shifts to the Jackson Hole symposium and Fed Chairman Powell's remarks on Friday. However, Powell doesn't have much to comment on the subject.
So let's see how gold will perform these days.
Trade closed: target reached
GOLD - target 1 reached :)
Trade closed: target reached
GOLD created a new low for today at 2470.80
✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
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.