The fed had raised the interest for the us market by 0.5 percent, which is a very large amount, although it was expected very high it had a huge impact on the market, Gold fell because investors want to have minimal risk and sell their Gold to invest their money in interest.
Gold slowly started distancing from the 2k mark in April and formed a big falling wedge, which is in this moment getting retested.
The RSI had fallen to only 30 which caused a small rebound in combination with the 1800 dollar support.
If Gold closes below 1815 dollars today, its likely to see Gold get rejected from this pattern.
The target of the wedge is at around 1700 dollars, but we need to remind ourselves that their is a really high inflation which could cause more people to invest in Gold
as an inflation hedge.
Thanks for reding! And a nice weekend!
Gold slowly started distancing from the 2k mark in April and formed a big falling wedge, which is in this moment getting retested.
The RSI had fallen to only 30 which caused a small rebound in combination with the 1800 dollar support.
If Gold closes below 1815 dollars today, its likely to see Gold get rejected from this pattern.
The target of the wedge is at around 1700 dollars, but we need to remind ourselves that their is a really high inflation which could cause more people to invest in Gold
as an inflation hedge.
Thanks for reding! And a nice weekend!