The Price has been ranging between 1730 and 1830 ... when it is at 1830 it resisted the 1850
It’s now at 1750s areas
This means that we will see another Engulfing Bar but it’s certainly not a Bullish one
In average the Price has been ranging for sometime without a clearer direction
In the opening we may see the new price range from 1745 and 1775 being the new resistance!!
The price of Gold is been caught up with: Good US economic data then the story continues like this : the dollar rockets, gold crashes. Bad US data; dollar tumbles, gold pauses or struggles to rally. Non-consequential US data; dollar pauses, gold falls a few notches. It’s been same story for the last 12 months
No matter the data, gold seems doomed.
It’s quite normal these days to see the yellow metal cave $30-$40 an ounce at a time and recover just about half of that over several days or even weeks. Seldom is the rebound commensurate with the fall and almost never does it overshoot the other way. It can, however, lose in a few hours twice of what it may have taken weeks to build.
Proof was on Thursday when gold slumped $50 at one point to a five-week bottom of $1,745.50. The meltdown came as rival dollar catapulted on data showing upbeat U.S. retail sales for August that put the economy in ebullient light after weeks of challenging data from Covid’s Delta variant.
Gold is also in an inflection point ahead of the Sept 21-22 Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months.
It’s now at 1750s areas
This means that we will see another Engulfing Bar but it’s certainly not a Bullish one
In average the Price has been ranging for sometime without a clearer direction
In the opening we may see the new price range from 1745 and 1775 being the new resistance!!
The price of Gold is been caught up with: Good US economic data then the story continues like this : the dollar rockets, gold crashes. Bad US data; dollar tumbles, gold pauses or struggles to rally. Non-consequential US data; dollar pauses, gold falls a few notches. It’s been same story for the last 12 months
No matter the data, gold seems doomed.
It’s quite normal these days to see the yellow metal cave $30-$40 an ounce at a time and recover just about half of that over several days or even weeks. Seldom is the rebound commensurate with the fall and almost never does it overshoot the other way. It can, however, lose in a few hours twice of what it may have taken weeks to build.
Proof was on Thursday when gold slumped $50 at one point to a five-week bottom of $1,745.50. The meltdown came as rival dollar catapulted on data showing upbeat U.S. retail sales for August that put the economy in ebullient light after weeks of challenging data from Covid’s Delta variant.
Gold is also in an inflection point ahead of the Sept 21-22 Fed meeting that could revisit the subject of taper for the central bank’s stimulus program that has juiced stock prices over the past 18 months.
