GOLD ANALYSIS NEXT WEEK :key zones
Hello traders,
With gold breaking through the falling channel at the start of the week, we were able to gain a new higher high rallying up to 1856.06.
Gold is bringing an end to a run of four successive weekly declines, rising around 2% over the last five days after running into significant support at around $1,800. This followed a near-8% decline from the highs at the start of February so could simply be a case of profit-taking ahead of a big week of US data and Fed speak. Multiple Federal Reserve officials came out and suggested they favor additional interest rate hikes while inflation readings continues.
all support and resistant zones have been marked as we head on to the new week expected movement to these zones is likely.
For daily scalp opportunity check the confirmation on smaller time frame focussing on the 1855.10 zone, confirmation like AO Divergent and QM.
safe trading and also RISK MANAGEMENT is key.
cheers.
With gold breaking through the falling channel at the start of the week, we were able to gain a new higher high rallying up to 1856.06.
Gold is bringing an end to a run of four successive weekly declines, rising around 2% over the last five days after running into significant support at around $1,800. This followed a near-8% decline from the highs at the start of February so could simply be a case of profit-taking ahead of a big week of US data and Fed speak. Multiple Federal Reserve officials came out and suggested they favor additional interest rate hikes while inflation readings continues.
all support and resistant zones have been marked as we head on to the new week expected movement to these zones is likely.
For daily scalp opportunity check the confirmation on smaller time frame focussing on the 1855.10 zone, confirmation like AO Divergent and QM.
safe trading and also RISK MANAGEMENT is key.
cheers.
Note
portfolio alreeady up 30% from last week getting into these.....good trade guys,hope yall took advantage of the set upNote
boom,“insane rally in gold shows that more people are turning to gold as a safe haven and store for value as the banking credit crisis continues to grow and spread,”Gold prices have been on a tear since the U.S. banking crisis erupted a week ago with the takeover of two mid-sized lenders — Silicon Valley Bank and Signature Bank — by the Federal Deposit Insurance Corp as depositors yanked billions of dollars from them after fearing for their solvency. Silicon Valley filed for bankruptcy protection over the past 24 hours. A third bank, First Republic, is also in trouble despite receiving a $30 billion cash infusion from a consortium of banks.
aside from that
we up 60% lets gooo
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.