Gold- XAUUSD is currently directionless. Candlesticks are as confused /directionless as some traders. After FOMC, general traders bias was Long for gold. Interest rate seems to be settling down and no more gigantic rate hikes expected; these seems to favor a moderate surge in gold prices to (1827-1852). Of course real price increase will be when interest rate will start to decline but this is far from now.
In this economic enviourment where Interest rates are almost at peak in the world economies with resilient Inflation, non yielding yellow metal is still valuable and preferred safe heaven. Especially with tumbling economies and recession fears across the world.
Currently Price is above 200 EMA on 4 H chart. With this , Buying on support level will be a watchful & low risk strategy , near Fib 61.8 (1775) or Fib 78.6 (1762) which will act as support.
Do share your views and odds.
Regards
In this economic enviourment where Interest rates are almost at peak in the world economies with resilient Inflation, non yielding yellow metal is still valuable and preferred safe heaven. Especially with tumbling economies and recession fears across the world.
Currently Price is above 200 EMA on 4 H chart. With this , Buying on support level will be a watchful & low risk strategy , near Fib 61.8 (1775) or Fib 78.6 (1762) which will act as support.
Do share your views and odds.
Regards