GOLD 4H (awaiting for Powell Speech..)
Updated
GOLD
OUTLOOK
Gold prices fell during these moments of trading today, Friday, as the US dollar rose to a peak of two and a half months.
Today, investors will focus on a speech by Powell and European Central Bank President Christine Lagarde, later in the day at the Annual Economic Symposium in Jackson Hole, Wyoming.
Powell's talk comes half an hour after entering the US market
If he talks about the previous inflation data and the rise that occurred and the continuation of the bank's monetary tightening with low unemployment, the expectation is that gold will decline violently
Now , stabilized above 1902 will support the price to continue at the bullish tendency but to confirm the bullish trend should stable above 1924 and then will reach 1932 and 1943
otherwise , stabilized under 1902 will end all uptrend attempts to touch 1985 and under that 1988
The expect range trading for today will be between resistance line 1924 area and support line 1912 area
Additionally , Today news will affect the market especially Federal Reserve Chairman Powell Speech ,so be care
support line : 1912 , 1902
resistance line : 1932 , 1943
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold prices fell during these moments of trading today, Friday, as the US dollar rose to a peak of two and a half months.
Today, investors will focus on a speech by Powell and European Central Bank President Christine Lagarde, later in the day at the Annual Economic Symposium in Jackson Hole, Wyoming.
Powell's talk comes half an hour after entering the US market
If he talks about the previous inflation data and the rise that occurred and the continuation of the bank's monetary tightening with low unemployment, the expectation is that gold will decline violently
Now , stabilized above 1902 will support the price to continue at the bullish tendency but to confirm the bullish trend should stable above 1924 and then will reach 1932 and 1943
otherwise , stabilized under 1902 will end all uptrend attempts to touch 1985 and under that 1988
The expect range trading for today will be between resistance line 1924 area and support line 1912 area
Additionally , Today news will affect the market especially Federal Reserve Chairman Powell Speech ,so be care
support line : 1912 , 1902
resistance line : 1932 , 1943
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
GOLD Mr. Jerome Powell's speech ended. Here is everything you want to know about the most important statements
The statements came out more stringent than expected
The Fed still sees the inflation target as a long way off
As expected, Powell dismisses any idea that the inflation target will change in his speech in Jackson Hole as stating: "2% is our inflation target and it will remain that way."
The Federal Reserve will need to raise interest rates again if necessary
He also warned Jerome Powell that the task of beating inflation is far from over
As we are used to, we will see an opposite trend to these statements in the first trading hours, and then the market will correct..so they traded with caution
as Powell mentioned the fed is ready for more hikes , stressing that monetary police will be maintained at tight levels for as long as possible to ensure a sustainable decline in inflation
this points will support the price to drop again to 1902 - 1895 and if can stable under that support zone then it will reach to 1888
stabilized above 1912 will support the price to reach 1924 and that is a little possible if an armed military conflict occurs
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