💡XAUUSD: Gold's movements are complicated
Updated
📚 Safe-haven demand will push gold higher in the short term. Tight enough monetary policy and rising energy prices could easily kill the global economic outlook, the need for safe-haven assets becomes clearer. High inflation and a fairly solid economy could suggest the Federal Reserve will continue to raise interest rates, but eventually the economy looks set to slow, if interest rates peak then a gold rally will last.
📚 We can see gold has spiked on Palestinian-Israeli conflict risk concerns and away from the 48-hour moving average on the H4 chart. While gold remains supported by growing safe-haven demand, the price will face challenging resistance at $1,950.
📚 We can see gold has spiked on Palestinian-Israeli conflict risk concerns and away from the 48-hour moving average on the H4 chart. While gold remains supported by growing safe-haven demand, the price will face challenging resistance at $1,950.
Note
It went exactly as I predictedNote
💡 Sell Limit will be a reasonable strategy in the short term, requiring Stop Loss.Note
🔰 XAUUSD SELL LIMIT 1928 - 1930✔️TAKE PROFIT: 1923
❌STOP LOSS: 1935
Note
💡 Everett Millman, market analyst at Gainesville Coins, said that gold is being driven by many factors and noted that investors should monitor gold's trading range at the end of last month. “At the end of September, despite trading above $1,900/ounce, gold was unable to overcome resistance at $1,950/ounce,” Millman said. The expert expects gold to consolidate these gains and trade between $1,900 and $1,950 an ounce this week.Trade active
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