Gold has held above its yearly open at 1825.500 rising interest rate helped push it down from its highs. on June 15 2022, price was pushed down to 1805, a level it has held several times from may this year (2022). price has respected 1805 to create a triple bottom situation on the daily time frame.
fundamentally; tho rising interest rate has been a factor that has held gold from a bull run, I see gold to be gaining its grounds especially with the g7 coming together to ban new Russian gold imports and with several uncertainties arsing in the world. There is a great possibility of a short squeeze, looking at COT data. we have a net long position. 1850 could be 4hr target. 1877 is the next target if 1850 holds.
fundamentally; tho rising interest rate has been a factor that has held gold from a bull run, I see gold to be gaining its grounds especially with the g7 coming together to ban new Russian gold imports and with several uncertainties arsing in the world. There is a great possibility of a short squeeze, looking at COT data. we have a net long position. 1850 could be 4hr target. 1877 is the next target if 1850 holds.
Trade active:
market entry at 1834
SL @ 1830.950
TP @ 1850
SL @ 1830.950
TP @ 1850