gold price made triple bottom at 1620 but veridical bullish trend was started after November fomc and it went straight up to 1824
bottom to top price has made 12345 leading diagonal chart pattern. Or you can say buy the rumor sell the news of lower size of rate hike
lower trend line has been breakout and now retesting that line again as resistance near 1791 level
counter trend correction sell (sl 1824, tp 1730 and 1720) target is to buy again 50% retracement level at 1720
buying zone start from 0.382 level and main target is 0.50 level
longer term trend of gold is bullish
key news core PCE on friday
(don't sell without sl )
(focus more on buying entry)
in ending diagonal price makes deep retracement
in leading diagonal price makes usually 10 to 38% retracement
fundamental : macro economic analysis
feb fomc = 25bps rate hike
march fomc = fed rate pause
june/ dec fomc = rate cut
rate cut and stagflation both are bullish for gold historically
bullish trend will last upto rate cut than on official announcement we will sell big correction
inflation target 4% in may/june 2023
high employment forcing fed to cut rate in 2023
summry
trend from 1616 to 1824 has completed
now we are in correction
after correction ends price will go up again
bottom to top price has made 12345 leading diagonal chart pattern. Or you can say buy the rumor sell the news of lower size of rate hike
lower trend line has been breakout and now retesting that line again as resistance near 1791 level
counter trend correction sell (sl 1824, tp 1730 and 1720) target is to buy again 50% retracement level at 1720
buying zone start from 0.382 level and main target is 0.50 level
longer term trend of gold is bullish
key news core PCE on friday
(don't sell without sl )
(focus more on buying entry)
in ending diagonal price makes deep retracement
in leading diagonal price makes usually 10 to 38% retracement
fundamental : macro economic analysis
feb fomc = 25bps rate hike
march fomc = fed rate pause
june/ dec fomc = rate cut
rate cut and stagflation both are bullish for gold historically
bullish trend will last upto rate cut than on official announcement we will sell big correction
inflation target 4% in may/june 2023
high employment forcing fed to cut rate in 2023
summry
trend from 1616 to 1824 has completed
now we are in correction
after correction ends price will go up again
