SHORT TERM BULLISH TREND TO 1830
Gold was in a deep bear position and the consolidation phase has been established last week.
FED Powell said that tapering will start by end of June 2022 which means that the bear sentiment in gold has started to vanish among traders and investors.
The US economy has not achieved its complete recovery due to a spike in the coronavirus Delta cases and this has resulted in a weak disappointing August Job Reports.
Next week, the market sentiment will turn to a bullish one as the FED measure of inflation, namely the Core Personal Consumption Expenditures (PCE) Price Index will be the headline next thursday ahead of the ISM Manufacturing PMI and the UoM's Consumer Sentiment Index data on Friday.
Since two weeks , the market is not reacting so well to fundamental news and the market is being dictated only by demand and supply.
With an expectation of higher inflation next week in US data, the increasing cases in coronavirus cases and the Chinese Evergrande Crisis, it is believed that all the three combined factors can have a set back on the green dollar which will in turn change investors sentiment in gold to bullish one and we can expect that XAU/USD rise to $1830/$1840 to eventually touch the $1868-70 level. Above $ 1,871 we can expect market to establish the $ 1,900 level.
Traders if you like my ideas, put a BIG LIKE and follow me for further analysis in the future.
FED Powell said that tapering will start by end of June 2022 which means that the bear sentiment in gold has started to vanish among traders and investors.
The US economy has not achieved its complete recovery due to a spike in the coronavirus Delta cases and this has resulted in a weak disappointing August Job Reports.
Next week, the market sentiment will turn to a bullish one as the FED measure of inflation, namely the Core Personal Consumption Expenditures (PCE) Price Index will be the headline next thursday ahead of the ISM Manufacturing PMI and the UoM's Consumer Sentiment Index data on Friday.
Since two weeks , the market is not reacting so well to fundamental news and the market is being dictated only by demand and supply.
With an expectation of higher inflation next week in US data, the increasing cases in coronavirus cases and the Chinese Evergrande Crisis, it is believed that all the three combined factors can have a set back on the green dollar which will in turn change investors sentiment in gold to bullish one and we can expect that XAU/USD rise to $1830/$1840 to eventually touch the $1868-70 level. Above $ 1,871 we can expect market to establish the $ 1,900 level.
Traders if you like my ideas, put a BIG LIKE and follow me for further analysis in the future.
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House Speaker Nancy Pelosi on Sunday vowed that Democrats will pass a bipartisan infrastructure bill this week and push ahead on the bigger $3.5 trillion social safety and climate change bill while acknowledging the total amount will drop.
Pelosi had originally pledged to House moderates a vote on the infrastructure legislation by Mopnday, but she now says that timeline will likely fall to later in the week due to Democratic divisions, giving space for negotiations so both bills could be approved. She is pushing to advance both this week.
Pelosi had originally pledged to House moderates a vote on the infrastructure legislation by Mopnday, but she now says that timeline will likely fall to later in the week due to Democratic divisions, giving space for negotiations so both bills could be approved. She is pushing to advance both this week.
Comment:
We will reach 1830 target soon. Put a big like on my charts