Macroeconomic Overview
This week, we observed a 75bps rate hike on the ECB (European Central Bank) side.
The statements of the President of the European Central Bank were not very hawkish.
Risk appetite is increasing in the markets right now.
DXY (Dollar Index) is falling, Gold Bitcoin, Euro and global stock market indices are rising.
This situation may last until the next Fed meeting.
On the American side, the rise may accelerate as a result of bad economic data or lower-than-expected inflation data.
Next week, US-Eurozone inflation figures and a lot of data will be released.
When We Examine the Weekly Term Gold Chart
This week's price close is not bad.
The price received a strong reaction at 1690 levels.
After breaking the latest falling trend line, the price made a pulback move and fell as low as 1690.
If the price crosses the 0.618 fibonachi level of the last decline between $1805-1690, the $1875 levels will be opened.
I expect an uptrend until the fionachi 0.5-0.618 level of the last 5 wave bearish wave.
This week, we observed a 75bps rate hike on the ECB (European Central Bank) side.
The statements of the President of the European Central Bank were not very hawkish.
Risk appetite is increasing in the markets right now.
DXY (Dollar Index) is falling, Gold Bitcoin, Euro and global stock market indices are rising.
This situation may last until the next Fed meeting.
On the American side, the rise may accelerate as a result of bad economic data or lower-than-expected inflation data.
Next week, US-Eurozone inflation figures and a lot of data will be released.
When We Examine the Weekly Term Gold Chart
This week's price close is not bad.
The price received a strong reaction at 1690 levels.
After breaking the latest falling trend line, the price made a pulback move and fell as low as 1690.
If the price crosses the 0.618 fibonachi level of the last decline between $1805-1690, the $1875 levels will be opened.
I expect an uptrend until the fionachi 0.5-0.618 level of the last 5 wave bearish wave.
