I shared in the last analysis that Gold will be bullish and pointed out the possible price target. Price reached the level. Congratulations to those who took the winning trade.
Now In consecutive 7 Daily candles, Gold priced moved 1795 Pips up. During last Friday, Gold made a single day candle of over 700 Pips. This is a big single day candle which is very rare on charts.
We don't have to forget the high interest rate environment that gold has to move in. On 22nd March , The Fed will announce the interest rate increase. Market consensus is 0.25 Bps making the fund rates move to 5.00 %. This is highest since 2007 ( Gold Price was under 1,000 Then). 0.5 BPS announcement will surly headwind to Gold prices. In May and June this year, Fed will announce more interest rates hikes.
Last time Gold moved near 2000 when Russia attacked Ukraine.
In current situation , 2000 will not be a easy barrier to cross for gold without correction. In case of correction 1960 will be immediate first target in next week. And 50 DMA as secondary target in medium-term. However any further development in Global Banks crises may act catalyst for gold bullish trend.
Do share your comments on idea and odds.
Cheers and keep winning
Now In consecutive 7 Daily candles, Gold priced moved 1795 Pips up. During last Friday, Gold made a single day candle of over 700 Pips. This is a big single day candle which is very rare on charts.
We don't have to forget the high interest rate environment that gold has to move in. On 22nd March , The Fed will announce the interest rate increase. Market consensus is 0.25 Bps making the fund rates move to 5.00 %. This is highest since 2007 ( Gold Price was under 1,000 Then). 0.5 BPS announcement will surly headwind to Gold prices. In May and June this year, Fed will announce more interest rates hikes.
Last time Gold moved near 2000 when Russia attacked Ukraine.
In current situation , 2000 will not be a easy barrier to cross for gold without correction. In case of correction 1960 will be immediate first target in next week. And 50 DMA as secondary target in medium-term. However any further development in Global Banks crises may act catalyst for gold bullish trend.
Do share your comments on idea and odds.
Cheers and keep winning
Trade closed: target reached:
Target Achieved 1960- +400 Pips