GOLD Technical Analysis
We experienced sharp declines yesterday in markets in all sectors
Next week will be the US election – the market is turbulent and volatile and it is very natural
Will we get a rally back above $2050 or beyond or this will become the end of the journey
Last post on gold was Has the trend changed in Gold and silver or is it just a short pause
“For gold Closing, today is very critical Below the 1943-1957 area, it indicates a short-term weakness and we are heading to check the 1843-1868 price area “
monthly 38.2% Fib in the $1,840 area is on the cards.
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| GOLD price |
If you pay attention to the move that took place in 2019, you can see a lot of parallel lines:
Behavioral cuts and a number of other things – if the same conditions continue then there is something to look forward to, and especially the positive side, as long as the 1830-1850 area is not broken! Current price activity suggests major support near $1850
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| gold technical analysis |
The Fed is expected to keep interest rates at current low levels until 2023
The US dollar, which has a huge impact on gold prices, faces a period of weakness over the medium term. The expectations of large stimulus packages still to be released into the market also favors gold
Gold has been trading as a ‘risk-on’ commodity. So, when the US stimulus package finally gets passed this will boost risk assets and lift gold along with it
There is definitely something to look forward to in the markets
Good luck to everyone
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| gold forecast prediction |
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