GOLD TRADE IDEA 28 MARCH 2023
Last week on Friday , we saw gold failed to make a new high and fell below 1970, JPY also lose its strength , we saw indices turn bullish,
These are the sign that , all banking related fear are now priced in, also the 25 bps hike by FED was already digested by the market , hence we saw dollar ranging starting of the week ,
As long as we are below 1970, we are expecting gold to stay bearish .
We have consumer confidence index & FED speaker barr's testimony to keep on eye today,
Trade setup for the day,
Overall bias - bearish
Gold holds above 1958 , we can see short term buys above 1958 ,
Pullback sells & 1972,
Break below 1953 & 1945 safer sells
These are the sign that , all banking related fear are now priced in, also the 25 bps hike by FED was already digested by the market , hence we saw dollar ranging starting of the week ,
As long as we are below 1970, we are expecting gold to stay bearish .
We have consumer confidence index & FED speaker barr's testimony to keep on eye today,
Trade setup for the day,
Overall bias - bearish
Gold holds above 1958 , we can see short term buys above 1958 ,
Pullback sells & 1972,
Break below 1953 & 1945 safer sells
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