InvestMate πŸͺ™ Gold under pressure from strong doalar πŸͺ™

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πŸͺ™ Gold under pressure from strong doalar. In today's analysis we will look at the chart of gold , which in the current week has shown that there is no strength for any increases.

πŸͺ™ After the rebound that took place 2 weeks ago, we could have hoped for an enlargement and extension of the upward correction.

πŸͺ™ But decisions to raise US interest rates again by 75 basis points to the highest levels in 14 years. And on yesterday's still-persistent inflation data. Doesn't leave the Fed with many options in the fight against inflation .

πŸͺ™ Dollar strengthening is in play.

πŸͺ™ As a result, commodities such as gold where a strong dollar does not support the continuation of gold prices at high levels are getting hit.

πŸͺ™ Looking at the technical aspects of the chart. We are talking here about the weekly chart.

πŸͺ™ We can see that all major indicators such as MACD , RSI , STOCH , are strongly bearish and the breakout of the 50 and 200 candle moving average does not help the situation.

πŸͺ™ It is also worth noting that the one to one correction did not hold the gold level and we continue another downward impulse.

πŸͺ™ The question I pose. It is whether we will see the 1550 level on gold which is the fibo range of 1,272 of the last upward impulse

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Gold is moving in the right direction
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