-Formation of the market:
After the geopolitical "panic" a correction of the upward movement was formed, but the trend retained its strength after testing the support level at 3365 and returned to the consolidation channel 3380-3400.
-Forecast:
Target level at the moment is at 3400, if it is broken and fixed above, we can consider further growth targets at 3500-3650.
News background:
The escalation of the Israel-Iran conflict strongly affects the gold positions, it is worth to follow the further course of events, although in many respects, the "moment of stress" is already reflected on the chart by a new historical maximum.
Also today will be the Fed interest rate meeting, which may also become a driver of further growth in gold, although the rate is expected to remain unchanged with 99% probability.
After the geopolitical "panic" a correction of the upward movement was formed, but the trend retained its strength after testing the support level at 3365 and returned to the consolidation channel 3380-3400.
-Forecast:
Target level at the moment is at 3400, if it is broken and fixed above, we can consider further growth targets at 3500-3650.
News background:
The escalation of the Israel-Iran conflict strongly affects the gold positions, it is worth to follow the further course of events, although in many respects, the "moment of stress" is already reflected on the chart by a new historical maximum.
Also today will be the Fed interest rate meeting, which may also become a driver of further growth in gold, although the rate is expected to remain unchanged with 99% probability.
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.
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.