XAU/XAG-IMPORTANT MOVEMENTS-WEEKLY.‼Dear friends, the direction of long-term analysis does not change much. (Weekly-Monthly Trends)
But the length of daily and 4-hour trends is very short.
That's why we need to constantly update our short-term analyzes.
Today we will continue our gold and silver analysis.
💸Macroeconomic Overview
FED's hard interest rate hikes, along with precious metals, caused a general decline in the commodity market. However, it is not possible for commodity prices to return to their normal prices very quickly, including oil. Therefore, I do not expect any relaxation in the FED's interest rate policy. In general, my expectation is that interest rates will lag behind inflation for a long time.
💥Weekly
On the weekly chart, we can better observe the reverse shoulder head pattern. The target of this pattern is around $102. However, the price received a strong downward reaction from the $93 resistance.
The purple ascending trendline is a support for the price.
