I'm on the day chart this time and as you can see price is headed back toward the trend line. It has recently hit a strong support of 1790 and broken the structure of 1810. If inflation of the dollar continues price could see as high as 1860 in the coming days.
(Here's a caveat): If the resistance of 1831 holds strong we could see a retest to the 1800 level. Sometimes brokers like to do fake outs so watch for those as well 👀
Investors see Gold as valuable now due to inflation and other hawkish tones of the federal reserve. Omarion has also put investors in a concerned place concerning the US dollar.
I will be waiting for a break restest and close above the trend line and if so we could be heading toward the zone of 1900.
Happy Trading!
(Here's a caveat): If the resistance of 1831 holds strong we could see a retest to the 1800 level. Sometimes brokers like to do fake outs so watch for those as well 👀
Investors see Gold as valuable now due to inflation and other hawkish tones of the federal reserve. Omarion has also put investors in a concerned place concerning the US dollar.
I will be waiting for a break restest and close above the trend line and if so we could be heading toward the zone of 1900.
Happy Trading!