GOLD : Quickly retreats from high
Updated
This week, the international gold price dropped from $1,946 to $1,915 and closed at $1,919. The reason why international gold prices continued to fall sharply this week. As USD and bond yields rise sharply, it is in context that the Fed may keep interest rates high for the remaining months of 2023.
It can be seen that the gold price is moving in a downward wedge pattern. Next week, the price is likely to drop to around $1,880-$1,850 if fundamental data has a negative effect on the price of gold. On the other hand, if useful data exists. at the same time If gold prices reverse and break out of the resistance at $1,950, it could reach $1,985.
It can be seen that the gold price is moving in a downward wedge pattern. Next week, the price is likely to drop to around $1,880-$1,850 if fundamental data has a negative effect on the price of gold. On the other hand, if useful data exists. at the same time If gold prices reverse and break out of the resistance at $1,950, it could reach $1,985.
Note
The fact that there are many different opinions is also shown in the survey on short-term gold price trends. Specifically, in a Kitco News survey on gold price forecasts next week, among 13 Wall Street analysts, 4 people, equivalent to 31%, expected gold prices to increase but 5 people, equivalent to 38%, predicted that gold prices would increase. Precious metals report goes down; The remaining 4 people think that gold is moving sideways.Note
🕯 SELL GOLD | 1924 - 1926🔴 SL: 1930
🟢 TP1: 1920
🟢 TP2: 1915
Note
There was a lot of volatility in the market today because tomorrow we have US Core Consumer Price Index, this instability lasts for several days so please be careful trade and manage your risks carefullyNote
Leading expert Nicholas Frappell at ABC Refinery said that rising CPI may put pressure on gold prices in the short term.Note
The precious metal price could test the $1,905 support level, then potentially “break” below this level and drop to $1,898.Note
🟢The European Central Bank raised its average inflation forecast for 2023 to 5.3% and through 2024 to 2.3%, while lowering it for 2025 to 1.2%.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.