-Market Formation:
After the strongest correction of 4%, since last December, the asset falls to the significant support level of 2830, and already after the news about the tightening of foreign trade policy in the United States, the gold price recovers its values and re-enters the range of the past uptrend, which causes the market to form a narrowing triangle on the hourly chart.
-Forecast:
The price is likely to follow this scenario and will continue the short-term correction to the level of 2885, followed by consolidation and liquidity accumulation for further recovery.
The main goal, upward movement from the 2880 level to the 2930-2950 targets.
-News background:
Positive factors for gold:
1.Concerns about inflation and economic slowdown in the US.
2.Central banks continue to build up gold reserves.
3.Increasing Geopolitical instability amid “Trade Wars”.
After the strongest correction of 4%, since last December, the asset falls to the significant support level of 2830, and already after the news about the tightening of foreign trade policy in the United States, the gold price recovers its values and re-enters the range of the past uptrend, which causes the market to form a narrowing triangle on the hourly chart.
-Forecast:
The price is likely to follow this scenario and will continue the short-term correction to the level of 2885, followed by consolidation and liquidity accumulation for further recovery.
The main goal, upward movement from the 2880 level to the 2930-2950 targets.
-News background:
Positive factors for gold:
1.Concerns about inflation and economic slowdown in the US.
2.Central banks continue to build up gold reserves.
3.Increasing Geopolitical instability amid “Trade Wars”.
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.
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.