Hey, traders. Thank you for the comments and boosts.
Today's chart it Gold. Let's check it quickly.
We can see
1. the descending channel had broken.
2. small box pattern had broken and extended upward.
3. support on 1725 and resistance on 1825.
We should check
Wednesday - BoC Interest Rate Decision, Crude Oil Inventories
Thursday - GDP (QoQ) (Q3), ECB President Lagarde Speaks, US Initial Jobless Claims
Friday - US PPI (MoM) (Nov)
We can expect
1. upward movement by breaking the descending channel.
2. rebounding from the bottom support on 1725 to top resistance on 1825.
Because the market take precaution of recession risk and Fed's monetary policy, dollar had power to rise.
We have PPI on this Friday and CPI on next Tuesday. Also, FOMC on Wednesday.
Those factors will decide the price direction.
For now, Gold will drop little more and bottom price will be near 1725. This will be second chance for the Long position.
(We alread had the first chance.)
Let's see if we can have the second chance.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Today's chart it Gold. Let's check it quickly.
We can see
1. the descending channel had broken.
2. small box pattern had broken and extended upward.
3. support on 1725 and resistance on 1825.
We should check
Wednesday - BoC Interest Rate Decision, Crude Oil Inventories
Thursday - GDP (QoQ) (Q3), ECB President Lagarde Speaks, US Initial Jobless Claims
Friday - US PPI (MoM) (Nov)
We can expect
1. upward movement by breaking the descending channel.
2. rebounding from the bottom support on 1725 to top resistance on 1825.
Because the market take precaution of recession risk and Fed's monetary policy, dollar had power to rise.
We have PPI on this Friday and CPI on next Tuesday. Also, FOMC on Wednesday.
Those factors will decide the price direction.
For now, Gold will drop little more and bottom price will be near 1725. This will be second chance for the Long position.
(We alread had the first chance.)
Let's see if we can have the second chance.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
