Gold: I will like to refer to my last analysis first where I set a bearish stance on the Gold. In last analysis I set 1970 as a middle target. Price went to visit the TL at 1997 as drawn and went down to 1972 on Friday.
On daily chart Gold is still looking Bullish where Gold 50 DMA is at 1920. This is what my secondary target is beside 1952.
On shorter time frame we are seeing the trend changing with price making a series of Lower highs and lower lows; moving in a downward channel.
On Fundamentals end, US May interest rate hike will take interest rates to all-time high since 2008. I was reading the Reuters news where there is macro consensus that FED will keep interest rate till end of December.
On contrary of bearish scenario, we should be watchful for recession and banking sector crises. Any major development on it may turn the scenario for the safe heaven.
*Strategy* should be sell on top. I am watchful of *1970 level* which has made a double bottom. It will break and in such a case price Is likely move to 1952, my Target –A and 1920 Target-B.
Good Luck with your trades
Do comment on the Idea and Odds
On daily chart Gold is still looking Bullish where Gold 50 DMA is at 1920. This is what my secondary target is beside 1952.
On shorter time frame we are seeing the trend changing with price making a series of Lower highs and lower lows; moving in a downward channel.
On Fundamentals end, US May interest rate hike will take interest rates to all-time high since 2008. I was reading the Reuters news where there is macro consensus that FED will keep interest rate till end of December.
On contrary of bearish scenario, we should be watchful for recession and banking sector crises. Any major development on it may turn the scenario for the safe heaven.
*Strategy* should be sell on top. I am watchful of *1970 level* which has made a double bottom. It will break and in such a case price Is likely move to 1952, my Target –A and 1920 Target-B.
Good Luck with your trades
Do comment on the Idea and Odds