RLinda ! GOLD-> Friday begins with a fall. What's next?
Gold fell 1 percent Friday amid a rebound in the dollar index.
The U.S. dollar index is strengthening by 0.3%
What follows?
Gold, after forming a double bottom in the 1620 zone, returns to the range above.
The price is currently squeezed between resistance 1685 and support 1645. The price will retest to the support, which should be monitored as it is a strong reversal zone for further action.
These facts bring uncertainty for further analysis. The market is getting quieter before the forthcoming US Federal Reserve press-release
Regards R.Linda!
- - The dollar, ahead of the upcoming Fed meeting (many investors and analysts expect hints of a slackening pace of rate hikes) is strengthening
- - Zero-yielding gold gave way
The U.S. dollar index is strengthening by 0.3%
What follows?
- - Gold declines in popularity (as a hedging instrument, investors have a lot of distrust)
- - Gold becomes more expensive for foreign buyers, which also reduces interest
Gold, after forming a double bottom in the 1620 zone, returns to the range above.
The price is currently squeezed between resistance 1685 and support 1645. The price will retest to the support, which should be monitored as it is a strong reversal zone for further action.
- 1) Price trades above the support trendline, after a break up and retest on October 25, price makes a 2.2% momentum
- 2) Price is sandwiched between two trend lines. The direction is declining and it is possible these boundaries could escort the price down
- 3) The price is testing the support of the MA-200 trendline and makes a false-break (it makes sense to expect an upside pullback).
These facts bring uncertainty for further analysis. The market is getting quieter before the forthcoming US Federal Reserve press-release
Regards R.Linda!
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