Due to the US biased to raising interest rates we have seen a steep decline in Gold this previous session, with broken trendline closure on friday. At the start of the session I will be expecting a retracement up to the 1284-1289 zone and then filling in short positions if we get a conformation of resistance.
Key levels:
1285-1289- price trend actualization decision zone (continuation of downtrend, possible short position zone)
1275- KEY LEVEL! If we break through 1275 there is no serious stopping power until 1250-1245.
1250-1245- Major trendline and support
Possible: Race to 1305, possible uptrend continuation due to news. Heavy week for USD news is expected.
For more context look at USDX90. Dollar strength is expected for at least this session.
This is my biased macro outlook. If we reach 1240-ish zone, I would be inclined to go long for a few weeks, depending on how the market behaves at that lvl/time.
Still expecting 1400 to be broken this year, but due to a VERY Hawkish outlook on the US economy and policy decisions, lower prices may still be an option. Int. rates expected to rise until the end of the year due to booming economy. Manipulation of commodity prices may occur.
Key levels:
1285-1289- price trend actualization decision zone (continuation of downtrend, possible short position zone)
1275- KEY LEVEL! If we break through 1275 there is no serious stopping power until 1250-1245.
1250-1245- Major trendline and support
Possible: Race to 1305, possible uptrend continuation due to news. Heavy week for USD news is expected.
For more context look at USDX90. Dollar strength is expected for at least this session.
This is my biased macro outlook. If we reach 1240-ish zone, I would be inclined to go long for a few weeks, depending on how the market behaves at that lvl/time.
Still expecting 1400 to be broken this year, but due to a VERY Hawkish outlook on the US economy and policy decisions, lower prices may still be an option. Int. rates expected to rise until the end of the year due to booming economy. Manipulation of commodity prices may occur.
Comment:
Gold followed the downtrend channel nicely, looking for long positions.