Gold price is potentially on the rising channel
Updated
The gold market is up about $25 from December's record high, and while Monday's rally that pushed prices above $2,100 an ounce was shocking, it wasn't completely unexpected.
Many analysts have noted that gold's rally came out of nowhere and was sparked by disappointing second-rate economic data in the US. At the same time, analysts also point out that both gold and silver are ripe for a potential short squeeze as market sentiment is trending bearish. gloomy since the beginning of the year.
Some analysts have likened gold's consolidation to a coiled spring with the market just waiting for a catalyst.
The momentum for a record closing price came as the Commodity Futures Traders Commitments report for the week ended February 27 showed a relatively neutral position As bullish bets remain near four-month lows. At the same time, positions in the silver market remain depressed.
Many analysts have noted that gold's rally came out of nowhere and was sparked by disappointing second-rate economic data in the US. At the same time, analysts also point out that both gold and silver are ripe for a potential short squeeze as market sentiment is trending bearish. gloomy since the beginning of the year.
Some analysts have likened gold's consolidation to a coiled spring with the market just waiting for a catalyst.
The momentum for a record closing price came as the Commodity Futures Traders Commitments report for the week ended February 27 showed a relatively neutral position As bullish bets remain near four-month lows. At the same time, positions in the silver market remain depressed.
Note
Analysts note that today's increasing Friday prices have drastically changed the sentiment in the market and the market remains bullish.Commodities analysts at TD Securities said: “Trader commitments highlight market uncertainty as options traders add short position intentions roughly in line with new levels, underscoring that transactional macros have not yet had the capacity to undercut the Fed historically.” “However, with that said, this could create a group that could still accelerate growth in the market when the described landscape is more solidly backed up.”
Note
💵XAUUSD SELL 2115 - 2118💵✔️TP 2100
✔️TP 2090
❌SL 2125
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