As per current technical and fundamentals i see Gold will be bullish in the coming week and beyond. 2050-2070 levels i am eyeing a in a matter of 1-2 Weeks. We may see gold price plunge to 1970-1980 levels. But that will be a healthy for bullish continuation. Gold may step back (Like the lion move back) a bit before making a big jump on the target.
As per fundamentals, I came across that Bank lending has declined across USA due to high interest rates. In addition to this companies Loans are on watch list, and companies are declining on their ratings. This could bring debt defaults due to high borrowing cost and declining revenue.
Recently we have Silicon valley Bank collapse rescue work underway. We are having calm news about the bank takeover. But I think SVB has blown the whistle (of uncertainty and recession), there may be aftermath to come.
FED hinted that interest rate hike is coming to an end. And further interest rate hike will be double edge sword for FED in such an economic environment. Dollar is expected to weaken near by.
Technically , Price is above 200 -50- 20 DMA , Above the Ichimuko cloud in Daily and 4 H charts suggesting Bullish trend continuation and long entry favorable.
Gold in such scenarios and elements discussed ; will reclaim its safe haven status. I think I will touch its all-time high and may cross it to make new highs.
Do comment on the idea and odds.
As per fundamentals, I came across that Bank lending has declined across USA due to high interest rates. In addition to this companies Loans are on watch list, and companies are declining on their ratings. This could bring debt defaults due to high borrowing cost and declining revenue.
Recently we have Silicon valley Bank collapse rescue work underway. We are having calm news about the bank takeover. But I think SVB has blown the whistle (of uncertainty and recession), there may be aftermath to come.
FED hinted that interest rate hike is coming to an end. And further interest rate hike will be double edge sword for FED in such an economic environment. Dollar is expected to weaken near by.
Technically , Price is above 200 -50- 20 DMA , Above the Ichimuko cloud in Daily and 4 H charts suggesting Bullish trend continuation and long entry favorable.
Gold in such scenarios and elements discussed ; will reclaim its safe haven status. I think I will touch its all-time high and may cross it to make new highs.
Do comment on the idea and odds.