Gold has been trading within the range of 40$ for more than 1 30 days. It was expected that FOMC will decide the way of market but the officials made it again suspensive because There was no change in Interest rates but they gave clues that they will lift it more. This hawkish statement made investors to stay back and wait for clear decision. Fundamentals are favoring the Gold like declining DXY. DXY is under pressure on the other hand, geopolitical issues are key player for boosting the bulls for gold. Russia attacks Ukraine so many time in recent days that may sky rocket the commodities. Lets move on to technicals, as long as price is above the 1920, we will expect buying as it is showing parallel channel that will pullback gold to 1970.
Key levels are clearly mentioned in the chart so please trade accordingly.
Gold expected 65 % Bulls |35% Bears
Best wishes
Key levels are clearly mentioned in the chart so please trade accordingly.
Gold expected 65 % Bulls |35% Bears
Best wishes
