RLinda ! GOLD-> Is the target 1800 or 2000? What to expect?
Gold prices fell on Friday, declining for a second day amid a rising dollar and bond yields, which led to the metal's price fixing in the 1860-1870 range. From a global perspective, the price is in a sideways range, with history repeating itself in the first half of 2022. What to expect from gold next?
XAUUSD is trying to recover after falling a week earlier when an unexpectedly strong U.S. jobs report caused the dollar and bond yields to surge on expectations of further interest rate hikes
The market was vulnerable to further weakness after a small comeback earlier in the week, and as attention is now fully focused on the prospect of more Fed rate hikes to lower inflation, the dollar and Treasury bond yields rose, creating a strong counterattack
Next week's U.S. CPI report could play a huge role in where gold heads next
Technical Analysis:
Gold is making a false break of the 1925 consolidation resistance and heading towards support.
Right now, the price broke the 0.236 Fibonacci level and it is trading between 0.236 and 0.382.
The liquidity zone that the price can seek within reality and current fundamentals is below the 1800 area. There is also a strong Fibo level 0.5 (1788) from which a pullback or movement in the global trend direction is expected in the medium term.
At the moment, the price has a strong level for sale - support at 1861.43. If the price breaks this line, which was formed on February 03, it might reach the 1828.7 area rather quickly.
For buying it is worth targeting the area above 1876-1878. If the price recovers and consolidation above this area, there is a chance of rising to 1900.
Regards R.Linda!
XAUUSD is trying to recover after falling a week earlier when an unexpectedly strong U.S. jobs report caused the dollar and bond yields to surge on expectations of further interest rate hikes
The market was vulnerable to further weakness after a small comeback earlier in the week, and as attention is now fully focused on the prospect of more Fed rate hikes to lower inflation, the dollar and Treasury bond yields rose, creating a strong counterattack
Next week's U.S. CPI report could play a huge role in where gold heads next
Technical Analysis:
Gold is making a false break of the 1925 consolidation resistance and heading towards support.
Right now, the price broke the 0.236 Fibonacci level and it is trading between 0.236 and 0.382.
The liquidity zone that the price can seek within reality and current fundamentals is below the 1800 area. There is also a strong Fibo level 0.5 (1788) from which a pullback or movement in the global trend direction is expected in the medium term.
At the moment, the price has a strong level for sale - support at 1861.43. If the price breaks this line, which was formed on February 03, it might reach the 1828.7 area rather quickly.
For buying it is worth targeting the area above 1876-1878. If the price recovers and consolidation above this area, there is a chance of rising to 1900.
Regards R.Linda!
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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