After the FOMC November interest rate announcement we saw Gold making highs. Gold price make a major breakout at 1680 and entering 1700 levels. CPI announcement added fuel and we saw gold going against all odds and most technical analysis.
Current Gold price movement is sweeping the Retailers account. To me it will reverse pretty soon.
1780 - 1805 Where 200 DMA can challenge the price and price will reverse from this zone. We still have December interest rate hike standing at the corner. And i believe yellow metal, non interest bearing asset will face backlash in such enviourment of high interest rates of economies of world. Gold price will start to rise on strong footings with interest rates easing out; that time is far.
Also Dollar will get strength in long term. To me we can set targets 1735-1680-1640-1612-1580-1550 in near to long term. Remember price moves in Zic -Zac.
Good Luck! and Do comment on the idea!
Current Gold price movement is sweeping the Retailers account. To me it will reverse pretty soon.
1780 - 1805 Where 200 DMA can challenge the price and price will reverse from this zone. We still have December interest rate hike standing at the corner. And i believe yellow metal, non interest bearing asset will face backlash in such enviourment of high interest rates of economies of world. Gold price will start to rise on strong footings with interest rates easing out; that time is far.
Also Dollar will get strength in long term. To me we can set targets 1735-1680-1640-1612-1580-1550 in near to long term. Remember price moves in Zic -Zac.
Good Luck! and Do comment on the idea!