Technical analysis: The Price-action is currently Trading just above the Hourly 4 chart’s #2,236.80 former Resistance now posing as an Support fractal gaining momentum as the DX is still on aggressive uptrend which by all accounts, haven’t got intention to stop. Gold is approaching again the Higher High’s Upper zone trendline, above the Daily chart’s Ascending Channel, slightly below the #2,252.80 - #2,262.80 zone which represents Selling accumulation point. It would be best for Short-term Buyers though to wait for the correction first and then contemplate further Buying since current Selling order I am operating with is the most optimal Trade to take. Absence of High impact news will most likely push Gold back to Lower levels and as discussed, unless #2,262.80 or #2,272.80 Resistance zone breaks, in such case Price-action will be calling for #2,300.80 local High’s extension.
Fundamental analysis: With that being said, DX is Trading on Highest level in #7-week horizon, after posting a #3-week uptrend on concerns that Fed won’t be in a hurry to cut Rates as Inflation pressure remains aggressively elevated. It’s worth noting that Friday’s session PCE index, also known as the Fed’s preferred Inflation, matched market forecasts suggesting very small minor retreat in the Price pressure (very Bearish development on Gold however once again ignored). Following the data, Powell crossed wires while saying that the PCE report is “pretty much in line with our expectations”. Earlier in the last week, the U.S. Durable Goods Orders and GDP numbers also allowed DX to remain firmer
My position: I have engaged Selling order with #2,250.80 entry point, optimal Target remains #2,200.80 psychological benchmark and the only line which stands in between is #2,236.80 Support in extension. Gold is bound to give back some gains with aggressive correction ahead.
Fundamental analysis: With that being said, DX is Trading on Highest level in #7-week horizon, after posting a #3-week uptrend on concerns that Fed won’t be in a hurry to cut Rates as Inflation pressure remains aggressively elevated. It’s worth noting that Friday’s session PCE index, also known as the Fed’s preferred Inflation, matched market forecasts suggesting very small minor retreat in the Price pressure (very Bearish development on Gold however once again ignored). Following the data, Powell crossed wires while saying that the PCE report is “pretty much in line with our expectations”. Earlier in the last week, the U.S. Durable Goods Orders and GDP numbers also allowed DX to remain firmer
My position: I have engaged Selling order with #2,250.80 entry point, optimal Target remains #2,200.80 psychological benchmark and the only line which stands in between is #2,236.80 Support in extension. Gold is bound to give back some gains with aggressive correction ahead.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.