gold price are making strong support near 1830s area
the lower trend line of the channel has been tested two times now price is testing the trend line third time
next target is upper resistance zone near 1900
since trend was first made bottom at 1786 china announce they will ease lockdown
second retracement bottom near 1828 was made when china reopened after several month lockdown (may be these investor are anticipating upcoming china gold demand build during lockdown)
another key driver is fed September fomc
speculator believe fed will start QE in the end of 2022 to delay recession which will start with rate pause in September fomc
if that happens than it will be too late to buy in September 20222
the lower trend line of the channel has been tested two times now price is testing the trend line third time
next target is upper resistance zone near 1900
since trend was first made bottom at 1786 china announce they will ease lockdown
second retracement bottom near 1828 was made when china reopened after several month lockdown (may be these investor are anticipating upcoming china gold demand build during lockdown)
another key driver is fed September fomc
speculator believe fed will start QE in the end of 2022 to delay recession which will start with rate pause in September fomc
if that happens than it will be too late to buy in September 20222
Comment:
2nd entry
