We expect to continue rising due to the strength of the dollar index.
After the Fed supported the US economy and took a method of easing inflation, as they know that inflation will reach 2%, so even the stimulus package will not significantly affect the decline of the dollar.
The price is now based on a very strong support that has rebounded more than three times on the monthly frame. We expect the price to return to the upside in the coming months, taking into account the US stimulus package, which was not expected with a strong impact on the markets.
The US Senate passed the $ 1.9 trillion stimulus package. And now back to the US House of Representatives. The US House of Representatives is rushing to pass the package before the stimulus package that passed last December expires.
After our bearish expectations were hit by the results of the 10-year US bond yield, now we expect some bullish correction to gold to reach levels of 1765, from which we will have another view, which is a drop to 1685 levels.
It seems that it has reached a very important area that we expect it to start correcting down.
Gold is moving in a downward channel due to the high yields of US bonds for 10 years, and as we indicated that there will be a correction of the returns towards the lower, thus supporting gold to rise towards 1815 and then continue to decline as shown.