Hello Traders,
Gold rallied more than $20 on Friday and last traded at $1657 after hitting a new two-year low and almost breaching the key support level at $1620 last week. The move higher was triggered by the market reexamining its rate hike expectations after it was reported that the Fed would debate the future rate hikes. The Fed’s relentless monetary tightening to fight inflation this year has already sent the commodity down about 20% from its March peak.
We may see a small pullback to $1640 - $1650 demand area and bullish continuation for next week. Next targets would be $1670 and $1680 supply area. The $1620 level needs to hold near term potential double bottom. In case it is broken Gold price could move down another 5% to $1560 and $1500.
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Gold rallied more than $20 on Friday and last traded at $1657 after hitting a new two-year low and almost breaching the key support level at $1620 last week. The move higher was triggered by the market reexamining its rate hike expectations after it was reported that the Fed would debate the future rate hikes. The Fed’s relentless monetary tightening to fight inflation this year has already sent the commodity down about 20% from its March peak.
We may see a small pullback to $1640 - $1650 demand area and bullish continuation for next week. Next targets would be $1670 and $1680 supply area. The $1620 level needs to hold near term potential double bottom. In case it is broken Gold price could move down another 5% to $1560 and $1500.
Please support our work with like and comment, thank you ❤️
Comment:
Moving up after pullback to $1640, currently above $1670 as per forecast.