Hello traders, taking a technical look on the precious metal that has of recent days seen some very strong push higher making an all time high at around 2195.235.
After price made the above high we note price has been making a sequence of lower highs while holding the low at 2153.765.
The above has in turn formed a bearish triangle that could see price fall toward previous low 2112.705.
Key to note is that we do have some very busy week from a fundamental perspective with different central banks set to announce rates.
It will important to keep an eye out on the FOMC rate decision and also the mood by the members.
The markets are anticipating the Fed to hold the rates as they are and it is this point that it will be important to gauge if they fed hint at any rate cuts any time soon.
After price made the above high we note price has been making a sequence of lower highs while holding the low at 2153.765.
The above has in turn formed a bearish triangle that could see price fall toward previous low 2112.705.
Key to note is that we do have some very busy week from a fundamental perspective with different central banks set to announce rates.
It will important to keep an eye out on the FOMC rate decision and also the mood by the members.
The markets are anticipating the Fed to hold the rates as they are and it is this point that it will be important to gauge if they fed hint at any rate cuts any time soon.
Comment:
With the pullback coming back into the markets by the buyers its good if the sellers can hold the market below 2157.950
Comment:
Buyers coming in hot and we see a break of the above highlighted high. This could be indicative of the bulls being willing to push the market higher towards the descending trendline.
Breach of this trendline support might give way for Gold to retest the previous high
Breach of this trendline support might give way for Gold to retest the previous high