RLinda ! GOLD-> What to Expect Ahead of Week 44, 2022?
XAU Futures prices were down -1.24% by the end of the weekly session despite the weakening of the US. But the Fed's November press release could trigger a strengthening of quotations.
The Federal Reserve is projected to raise interest rates by 75 basis points at its meeting, but at the same time but may take a less aggressive stance going forward, which would be a "good call" for investors.
Nasdaq and Dow ratios underscore FAANG collapse, Fed and recession are next week's top topics
On the weekly chart, gold makes a retest of the critical 1639.74 level after it made a false break-down of the resistance at 1697.64
* Gold is momentarily consolidating under the MA-200 trendline, which hints at a lull before the global news release.
On the main chart (1 hour), we see a smooth price movement from a descending price channel into consolidation. The market is moving into a neutral state, as everyone is waiting for the news. What to expect next?
From the technical analysis point of view, we see a third false-break of the support at 1642 and a return of the price inside the range of 1673-1642, which might hint that the price might slightly strengthen to the resistance since the opening of the session.
Consolidation is a phase when the price decreases the volatility, and the limit lines are drawn, beyond which the big players do not let the price out. There is a Fed meeting coming up and I think this is the fact that could influence further price action. Either up towards 1728 or down towards 1500
Regards to R. Linda!
The Federal Reserve is projected to raise interest rates by 75 basis points at its meeting, but at the same time but may take a less aggressive stance going forward, which would be a "good call" for investors.
Nasdaq and Dow ratios underscore FAANG collapse, Fed and recession are next week's top topics
On the weekly chart, gold makes a retest of the critical 1639.74 level after it made a false break-down of the resistance at 1697.64
- - With a negative outcome of the Fed meeting, the price may break the support and move into the 1600-1500 range, which will stifle the interest of big investors.
- - If the Fed releases positively, we could see the gold consolidate between 1697-1639, which might break the resistance and push the price higher.
* Gold is momentarily consolidating under the MA-200 trendline, which hints at a lull before the global news release.
On the main chart (1 hour), we see a smooth price movement from a descending price channel into consolidation. The market is moving into a neutral state, as everyone is waiting for the news. What to expect next?
From the technical analysis point of view, we see a third false-break of the support at 1642 and a return of the price inside the range of 1673-1642, which might hint that the price might slightly strengthen to the resistance since the opening of the session.
Consolidation is a phase when the price decreases the volatility, and the limit lines are drawn, beyond which the big players do not let the price out. There is a Fed meeting coming up and I think this is the fact that could influence further price action. Either up towards 1728 or down towards 1500
Regards to R. Linda!
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