With FOMC, NFP, manufacturing PMI and other red folder news, we can expect some volatility coming into the end of the week. We have rallied up this morning on the London open and cleared last week's clear liquidity. From a technical perspective we remain firmly bearish however with tensions building in the Middle East, this is the type of news that can send gold to the roof, as we have seen several occasions in the past couple of years. Therefore we are expecting the final line in the sand of $2045 - 2050 to hold for the bearish theme to resume. If we burst through here then bearish bets are off for the meantime. Currently at 2039 the market is offering a reasonable bearish entry with an opportunity to add in around 2045 if we push higher.
The weekly open remains untested still with the high impact news coming ahead, it may act as a magnet/ target for any flash sell offs.
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The weekly open remains untested still with the high impact news coming ahead, it may act as a magnet/ target for any flash sell offs.
For more on this consider signing up to our newsletter or subscribe for faster more detailed analysis.
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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.