I find that the price is moving in a descending channel and I retest the resistance area
I expect it to bounce back down (1714.39:1711.87)
To break through the aforementioned area to formally conduct the retest, and I expect this to happen in conjunction with the Fed meeting
1748.03
1768.34
1774.52
Where I expect a violent movement in the gold market during the meeting and the press conference, to complete once again its downward trajectory
if you like any idea, support it by liking and commenting, which makes me happy to respond to any inquiry within the published ideas, this supports my presentation of content with completely free deals, thank you for your cooperation, brothers and sisters.
I expect it to bounce back down (1714.39:1711.87)
To break through the aforementioned area to formally conduct the retest, and I expect this to happen in conjunction with the Fed meeting
1748.03
1768.34
1774.52
Where I expect a violent movement in the gold market during the meeting and the press conference, to complete once again its downward trajectory
if you like any idea, support it by liking and commenting, which makes me happy to respond to any inquiry within the published ideas, this supports my presentation of content with completely free deals, thank you for your cooperation, brothers and sisters.
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Read this snap
Gold for December delivery was last seen down US$3.40 to US$1,741.90 per ounce.
The drop comes as Federal Open Market Committee states its two-day meeting on Tuesday and Wednesday that is expected to see US interest rates hiked by 75 basis points for the second-straight time. Higher rates are bearish for gold since it raises the opportunity cost of holding the metal since it offers no interest.
The metal is gaining some support from a weaker US dollar, which makes the metal more affordable for international buyers. The ICE dollar index was last seen down 0.45 points to 106.28. However rising bond yields ahead of the Fed meeting are a challenge, with the US 10-year note last seen paying 2.833%, up 5.3 basis points.
SOURCE
www.tradingview.com/...-week-s-fed-meeting/
Gold for December delivery was last seen down US$3.40 to US$1,741.90 per ounce.
The drop comes as Federal Open Market Committee states its two-day meeting on Tuesday and Wednesday that is expected to see US interest rates hiked by 75 basis points for the second-straight time. Higher rates are bearish for gold since it raises the opportunity cost of holding the metal since it offers no interest.
The metal is gaining some support from a weaker US dollar, which makes the metal more affordable for international buyers. The ICE dollar index was last seen down 0.45 points to 106.28. However rising bond yields ahead of the Fed meeting are a challenge, with the US 10-year note last seen paying 2.833%, up 5.3 basis points.
SOURCE
www.tradingview.com/...-week-s-fed-meeting/
An inflation hedge gets trimmed
Gold continues to lose its shine in the market thanks to growing fears about interest rates and the global economy.
Spot gold sank 3.77% last week for its fourth consecutive week in the red. The so-called hedge against inflation is in its fourth month down in goblin town after flirting with an all-time high in March, and is now trading around its lowest levels since September last year at $1,736 per ounce as of Monday morning.
Growing strength in the US dollar is putting pressure on prices. The greenback hit its highest levels since 2002 last week, and investors are fleeing to the safety of the dollar as a hedge against inflation instead as the market faces turmoil – meanwhile, Bitcoin, which was once widely regarded as hedge, is also now sitting around 18-month lows.
Another expected 75bps rate hike is souring sentiment toward gold bc it means a higher opportunity cost given the asset yields no interest. Analysts see gold as bearish in the long term but think there could be a bullish bounce on the way in the short term.
SOURCE www.tradingview.com/...LD/history-timeline/