Gold Analysis 18/06:24
Updated
Economic Data Impact
Retail Sales Data:
Positive retail sales data typically strengthens the USD, which may put pressure on gold prices.
If retail sales come in as expected or higher (0.3% for Retail Sales m/m, 0.2% for Core Retail Sales m/m), gold may experience a downward move towards the lower Fibonacci levels.
Conversely, lower-than-expected retail sales would weaken the USD, potentially pushing gold prices upwards.
Industrial Production Data:
Positive industrial production data (expected 0.3%) would support a stronger USD, likely leading to downward pressure on gold.
FOMC Statement:
Hawkish FOMC statements (indicative of higher interest rates) generally lead to a stronger USD and lower gold prices.
Dovish statements would support gold prices due to lower interest rate expectations.
Possible Scenarios
Bullish Scenario:
Retail sales data comes in lower than expected.
Industrial production data is weaker than expected.
Gold could break above the triangle, targeting 2344.847, 2350.692, and possibly 2353.934.
Bearish Scenario:
Retail sales and industrial production data come in as expected or higher.
Gold could break below the triangle, targeting 2281.292, 2271.899, and possibly 2266.690.
Conclusion
Monitoring the retail sales and industrial production data is crucial. A breakout above or below the symmetrical triangle, confirmed by the economic data, will dictate the next significant move for gold.
My opinion For gold im short for the shortterm Atm till we see the data
Retail Sales Data:
Positive retail sales data typically strengthens the USD, which may put pressure on gold prices.
If retail sales come in as expected or higher (0.3% for Retail Sales m/m, 0.2% for Core Retail Sales m/m), gold may experience a downward move towards the lower Fibonacci levels.
Conversely, lower-than-expected retail sales would weaken the USD, potentially pushing gold prices upwards.
Industrial Production Data:
Positive industrial production data (expected 0.3%) would support a stronger USD, likely leading to downward pressure on gold.
FOMC Statement:
Hawkish FOMC statements (indicative of higher interest rates) generally lead to a stronger USD and lower gold prices.
Dovish statements would support gold prices due to lower interest rate expectations.
Possible Scenarios
Bullish Scenario:
Retail sales data comes in lower than expected.
Industrial production data is weaker than expected.
Gold could break above the triangle, targeting 2344.847, 2350.692, and possibly 2353.934.
Bearish Scenario:
Retail sales and industrial production data come in as expected or higher.
Gold could break below the triangle, targeting 2281.292, 2271.899, and possibly 2266.690.
Conclusion
Monitoring the retail sales and industrial production data is crucial. A breakout above or below the symmetrical triangle, confirmed by the economic data, will dictate the next significant move for gold.
My opinion For gold im short for the shortterm Atm till we see the data
Note
🔴 The share of the US dollar in the world's central bank reserves has decreased, according to the International Monetary Fund.• The US dollar represented 71% of global reserves in 2000, but today it represents 53.2% of reserves.
• It should be noted that the US dollar is still the dominant currency in the world.
• The Chinese yuan represents 2.3% of global reserves and the euro 20%.
Note
🔴 Urgent | Important for gold:• China recently sold 50-year bonds amid very weak investor demand
• Sources say that even Chinese investors do not show interest in Chinese government bonds.
👈 Some other sources say that we may be witnessing new and surprising decisions from decision-makers in China.
🌟 The question is, is gold on this list? Or maybe at the top of this list? Will China sell quantities of gold to obtain liquidity?
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Sorry i didnt Post SELLS im On Sells Gold
Entry : 2313.52
SL : BE
TP : 2300
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Secured 60+ pips BE now might be Hit SELL LIMIT GOLD : 2316-2318.374
SL : 2326.536
TP1 : 2304 " Close Partial 50% or 80% " then BE
TP2 : 2300 " CLOSE FULL "
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Took the PROFIT calling it a day See ya tomorrow guys
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