GOLD and War
New forecast
Gold prices stabilized on Friday, supported by continued demand for safe havens fueled by tensions in the Middle East, while investors awaited the Federal Reserve's monetary policy meeting scheduled for next week.
Israeli forces carried out their largest ground attack in Gaza during their 20-day war on Hamas during the night. The yellow metal, which is considered a safe haven, has gained about eight percent, or more than $140, since the war began on October 7.
War scenarios:
If the war erupts further between Israel and Palestine, we will see a rise in gold prices, and this is more likely.
If the war between Israel and Palestine subsides, we will witness a decline in gold prices. Stay away from buying gold, and this is currently unlikely.
We have fire news for this week
1- Consumer confidence index.
2- ADP index of change in non-agricultural employment rates.
3- Job opportunities and labor turnover.
4- Supply index for purchasing managers.
5- The US Federal Reserve’s interest rate decision, followed by the press conference.
6- Agricultural payroll lists.
Technical Abstract :
The price perfectly fulfills my last idea and price reached to our targets .
Gold prices witnessed a tremendous rise during the past week thanks to the war between Israel and Palestine. Also, the price is trading in the ascending channel that appears in the chart above, as it relies on the support of this channel and is waiting for a resumption again to reach positive stations at 2020 and 2036.
Therefore the bullish tendency will be remain valid and effective supported by moving average 50 that is putting the positive pressure on the price , Taking into account that stabilized under 1984 will put the price under sell pressure and the price will try to start a correction , so it is possible to do a retest especially if price opened under 2000 we will see the correction and then will rise up. and stabilized under 1984 will postponed the bullish attempts .
The expect range trading for today it will be between resistance line 2020 and support line 1984until stabilized .
Additionally ,Today News will affect the market .
support line : 2000 , 1984
resistance line : 2016 , 2036
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Gold prices stabilized on Friday, supported by continued demand for safe havens fueled by tensions in the Middle East, while investors awaited the Federal Reserve's monetary policy meeting scheduled for next week.
Israeli forces carried out their largest ground attack in Gaza during their 20-day war on Hamas during the night. The yellow metal, which is considered a safe haven, has gained about eight percent, or more than $140, since the war began on October 7.
War scenarios:
If the war erupts further between Israel and Palestine, we will see a rise in gold prices, and this is more likely.
If the war between Israel and Palestine subsides, we will witness a decline in gold prices. Stay away from buying gold, and this is currently unlikely.
We have fire news for this week
1- Consumer confidence index.
2- ADP index of change in non-agricultural employment rates.
3- Job opportunities and labor turnover.
4- Supply index for purchasing managers.
5- The US Federal Reserve’s interest rate decision, followed by the press conference.
6- Agricultural payroll lists.
Technical Abstract :
The price perfectly fulfills my last idea and price reached to our targets .
Gold prices witnessed a tremendous rise during the past week thanks to the war between Israel and Palestine. Also, the price is trading in the ascending channel that appears in the chart above, as it relies on the support of this channel and is waiting for a resumption again to reach positive stations at 2020 and 2036.
Therefore the bullish tendency will be remain valid and effective supported by moving average 50 that is putting the positive pressure on the price , Taking into account that stabilized under 1984 will put the price under sell pressure and the price will try to start a correction , so it is possible to do a retest especially if price opened under 2000 we will see the correction and then will rise up. and stabilized under 1984 will postponed the bullish attempts .
The expect range trading for today it will be between resistance line 2020 and support line 1984until stabilized .
Additionally ,Today News will affect the market .
support line : 2000 , 1984
resistance line : 2016 , 2036
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
