GOLD just start for BULLISH or shift to BEARISH?Hello guys... i wish you have a good trading days so far.
I will give you my analysis for GOLD in current condition. I need you to see my analysis before so you have complete understanding about GOLD movement.
Fundamental Factor that Moves GOLD
1. As we all know, last weekend there is a conflict between Hamas and Israel after 2 month's ceasefire. It's not a good news. 16 people were died. Netanyahu stated that Israel attack just a beginning of higher attacking. US mission to make a peace in Middle East seems far a away. This factor will make demand higher for GOLD (for a long period of course) .
2. Russia - Ukraine peace agreement seems find a hard way. Trump administrations must give high effort to push both Russia and Ukraine to stop war. Last, Trump just stopped weapon delivery for Ukraine although some country in eurozone still supporting Ukraine with their weapon.
3. FED still have a high chance to do more than 2 rate cut this year. We would see in three-months later if inflation goes down and unemployment rate comes higher so THE FED will revise it's SEP and give lower rate, i think. It will pump GOLD higher if geopolitical factor still on fire, of course.
Technical Movement
Technically, GOLD just make a new higher high around $3055/ounce. Current movement seems just a pullback and i see 2968-2971 as a support level for GOLD. If seller hold position, it may comes to 2945-2948 and we will evaluate again later. But, if seller have no gains, i will see support on 2987-2990 and GOLD will comeback to it's nature, bullish.
If GOLD pass 3033 level in short terms, i will say that it could be back to 3055 or higher.
What's your opinion guys???
