2 scenarios that can play out this week, preparing for the month of December to end off the year.
Scenario 1 - Fed chair Jerome Powell gives a very hawkish stance during the FOMC meeting on Thursday 2am sgt. Continue rate hikes into early 2023, no slowing down of rate hike to lower inflation rates. I need to see strong economic data during NFP this Friday which will give strength to the dollar and weakness to gold.
Dollar to break up out of range heading towards at 110 possibly 111 regions
HRHR GOLD SELLS - 1753 region
MRMR GOLD SELLS - 1747 region
SAFE GOLD SELLS BELOW 1739 REGION
Scenario 2 - Fed chair Jerome Powell gives a dovish stance during FOMC meeting, giving hints of a slowdown in rate hikes, probably a 50 bps in the next rate hike or a 25 bps as we have seen improvement in inflation data in the last CPI. NFP data is bad this Friday as per forecasted till date.
Dollar to continue its bearish momentum heading towards 105 possibly 103 regions
HRHR GOLD BUYS - 1764
MRMR GOLD BUYS - 1785
SAFEST GOLD BUYS ABOVE 1800 REGION
Scenario 1 - Fed chair Jerome Powell gives a very hawkish stance during the FOMC meeting on Thursday 2am sgt. Continue rate hikes into early 2023, no slowing down of rate hike to lower inflation rates. I need to see strong economic data during NFP this Friday which will give strength to the dollar and weakness to gold.
Dollar to break up out of range heading towards at 110 possibly 111 regions
HRHR GOLD SELLS - 1753 region
MRMR GOLD SELLS - 1747 region
SAFE GOLD SELLS BELOW 1739 REGION
Scenario 2 - Fed chair Jerome Powell gives a dovish stance during FOMC meeting, giving hints of a slowdown in rate hikes, probably a 50 bps in the next rate hike or a 25 bps as we have seen improvement in inflation data in the last CPI. NFP data is bad this Friday as per forecasted till date.
Dollar to continue its bearish momentum heading towards 105 possibly 103 regions
HRHR GOLD BUYS - 1764
MRMR GOLD BUYS - 1785
SAFEST GOLD BUYS ABOVE 1800 REGION