Today I will be talking about GOLD and upon the recent fundamental backdrop that has taken place.
Fundamental context 1. US data has came out very resilient and strong 2. Last month labour market and NFP data proves to be extremely resilient 3. CPI came out hot, signifying inflation has a longer runway for it to cool down 4. Yesterday's retail sales data m/m came out at a whopping 3.0% which is much better compared to forecast 5. Everything spells that the economy in the US is resilient and the Fed might need to increase the terminal rate or take on a more hawkish stance at the next FOMC meeting.
Technical context 1. GOLD is in a bearish trend 2. Lower lows and highs are being formed 3. Point of target at 1823 odds for price to come lower to form a yearly lower wick 4. Anticipating for price to continue lower 5. Will only be looking for longs at our stipulated area (blue zone)
Gold has the potential to continue bearish.
Thanks alot for tuning in.
Regards, Chern Yu
Comment
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Price have came down lower to form a yearly lower wick. We continue to see potential in GOLD for bearish continuations.
TP 1 : 1826
TP 2 : 1824
TP 3 : 1822
SL : 1835
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