*Even the latest inflation data (PPI) doesn’t seem to have any +VE impact on gold yet!!
*Currently Gold is trading at the support level, which should attract some fresh strong new buying and the short covering which should push the prices higher.
*In my view Gold technical correction is over and should bounce back from this point onwards to $1840-$1850
Note
Gold is trying to get pass the Trend Line and seems facing resistance; Also Facing headwinds from raising bond yields!! Recent weakness in the BitCoin helped Gold to move higherNote
As expected Gold faced rejection from the Trend Line.. its' going to retest the $1775 level and will be bouncing back strongly!! At the same time one need to mindful about fundamental developments e.g. US inflation forecast, 10yr Bond yields, US stimulus bill, Crypto currency volatility etc
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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.