RLinda ! GOLD-> Rollback or fall? What's next?
Gold prices fell on Tuesday under pressure from a rise in the U.S. dollar index due to the prospect of a sharp Fed rate hike, which reduces interest in XAU in terms of hedging against inflation
If the U.S. economy, so resilient, begins to soften, gold may see interest, but there should be definitive signs that the Fed is willing to stop raising rates so aggressively.
From a technical analysis point of view, we see a sideways movement forming. Price is in a range between 1728 - 1626, but inside there is a local breakdown between 1688-1660.
The price is testing the support zone and I think that the price might show a small pullback. But we should not discard the scenario of a price decline to the 1626 liquidity zone
Regards R. Linda!
If the U.S. economy, so resilient, begins to soften, gold may see interest, but there should be definitive signs that the Fed is willing to stop raising rates so aggressively.
From a technical analysis point of view, we see a sideways movement forming. Price is in a range between 1728 - 1626, but inside there is a local breakdown between 1688-1660.
The price is testing the support zone and I think that the price might show a small pullback. But we should not discard the scenario of a price decline to the 1626 liquidity zone
Regards R. Linda!
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🧿Web: rlinda.com
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