Gold prices were down 5.7% for the week, having slid more than 2% on Thursday after Federal Reserve’s hawkish outlook. The dollar index was headed for its best week in nearly nine months, denting gold’s allure for other currency holders. There may be more near term selling pressure in Gold but at some point will be a buying opportunity given that rising inflation has been historically “bullish” for precious metals. We are considering trading the pullback and looking for buy opportunities from $1760 to $1750 demand zone and from $1700, after a price action buy signal. Please support this idea with like and comment, thank you!
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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.