Gold's rebound target 200% basically reached
The suggestion of gold rebound given last week has been verified, and the return is around 200%
Gold prices started to rebound on Monday after falling sharply in the second half of last week as U.S. non-farm payrolls data unexpectedly rose. This week, the market focus will turn to the US CPI report to confirm the performance of this employment data.
From gold's perspective, hesitation in the market should increase gold's safe-haven appeal as central banks have shown signs of increasing their gold reserves. Having said that, gold is under pressure as forecasts for the first rate cut to come in September are ill-timed and the market could reprice the central bank's hawkish stance based on U.S. economic data.
The daily price chart contains two bearish factors, including a long upper wick recorded in last Thursday's candle, and a bearish/top divergence between gold prices and the RSI (Relative Strength Index). While gold prices are weakening, if the price of gold falls below the psychological level of 2000, it may be supported by gold prices.
Specific trading suggestions should be given according to each person's situation. If you are confused, you can find me below.
Gold prices started to rebound on Monday after falling sharply in the second half of last week as U.S. non-farm payrolls data unexpectedly rose. This week, the market focus will turn to the US CPI report to confirm the performance of this employment data.
From gold's perspective, hesitation in the market should increase gold's safe-haven appeal as central banks have shown signs of increasing their gold reserves. Having said that, gold is under pressure as forecasts for the first rate cut to come in September are ill-timed and the market could reprice the central bank's hawkish stance based on U.S. economic data.
The daily price chart contains two bearish factors, including a long upper wick recorded in last Thursday's candle, and a bearish/top divergence between gold prices and the RSI (Relative Strength Index). While gold prices are weakening, if the price of gold falls below the psychological level of 2000, it may be supported by gold prices.
Specific trading suggestions should be given according to each person's situation. If you are confused, you can find me below.
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