Macroeconomic Overview
The Fed continues to increase interest rates, which creates downward pressure on the commodity markets.
But I think gold is the best long-term investment in the commodity market.
In general, the experts expect a rise in the commodity market for the next 3-4 months. However, we can see a decrease in the inflation data, as the commodity market experienced a decline after the FED rate hikes. But the important thing is that this decline is permanent and continuous.
Regardless, an interest income above inflation seems difficult for a long time.
Monthly Maturity
In our previous analyzes, we said that the 1680 level is a very important support. The price received a strong reaction from this support point.
We may see short-wave pullbacks, but I don't think the 1680 level will be broken. The next important resistance levels are 1875-1920.
It may be beneficial for you to examine other crossed gold parities.(XAUEUR-XAUGBP-XAUCHF-XAUJPY)
If we look at the XauGbp instrument here. The price has received a reaction from the full trend support. I think the price will continue to rise in the long run.
Weekly Maturity
If we examine the price chart on a weekly basis. The price seems to have broken the downward trend line, but the closing of this week will be important. There are US inflation data tomorrow. If there is no positive decrease in inflation, there may be hard sales during the day. There may be a short downward correction, but gold is critical It can rise up to 0.5-0.618 fibonachi levels, which is the region of 0.5-0.618. Price closures above this region can carry gold to the top. If we examine the XAUEUR instrument, the downward trend seems to be broken on a weekly basis for now. Possible pullbacks may be a buying opportunity.
💥Daily Maturity
If we examine the gold chart in the daily term; The price has reached the 0.618 fibonachi level of the 5th wave. When we examine the movement up to the 0.618 level, we see that there is a 5-wave movement. If it exceeds this level, it means that we have entered the A-B-C elliot correction process of the 5-wave decline. Inflation data to be announced tomorrow may trigger a downward movement. Important price support points 1755 -1730 levels.
Even if there is a decline, I expect an upward movement from these levels.
The Fed continues to increase interest rates, which creates downward pressure on the commodity markets.
But I think gold is the best long-term investment in the commodity market.
In general, the experts expect a rise in the commodity market for the next 3-4 months. However, we can see a decrease in the inflation data, as the commodity market experienced a decline after the FED rate hikes. But the important thing is that this decline is permanent and continuous.
Regardless, an interest income above inflation seems difficult for a long time.
Monthly Maturity
In our previous analyzes, we said that the 1680 level is a very important support. The price received a strong reaction from this support point.
We may see short-wave pullbacks, but I don't think the 1680 level will be broken. The next important resistance levels are 1875-1920.
It may be beneficial for you to examine other crossed gold parities.(XAUEUR-XAUGBP-XAUCHF-XAUJPY)
If we look at the XauGbp instrument here. The price has received a reaction from the full trend support. I think the price will continue to rise in the long run.
Weekly Maturity
If we examine the price chart on a weekly basis. The price seems to have broken the downward trend line, but the closing of this week will be important. There are US inflation data tomorrow. If there is no positive decrease in inflation, there may be hard sales during the day. There may be a short downward correction, but gold is critical It can rise up to 0.5-0.618 fibonachi levels, which is the region of 0.5-0.618. Price closures above this region can carry gold to the top. If we examine the XAUEUR instrument, the downward trend seems to be broken on a weekly basis for now. Possible pullbacks may be a buying opportunity.
💥Daily Maturity
If we examine the gold chart in the daily term; The price has reached the 0.618 fibonachi level of the 5th wave. When we examine the movement up to the 0.618 level, we see that there is a 5-wave movement. If it exceeds this level, it means that we have entered the A-B-C elliot correction process of the 5-wave decline. Inflation data to be announced tomorrow may trigger a downward movement. Important price support points 1755 -1730 levels.
Even if there is a decline, I expect an upward movement from these levels.
