Macroeconomic Overview
Gold broke the 1680 support and regressed to 1655.
On Tuesday, inflation data came 0.2 points higher than expected.
During the week, sales were dominant in the global markets.
Although inflation is the number one agenda in the world, I think the number one agenda in 2023 year will be recession and unemployment.
But for now, the eyes of the markets are closed to this side.
In the next week, there are announcements of the central banks, especially the FED, and interest rate decisions.
When We Examine the Price Chart on a Daily Basis
ABCD formation looks clearer on a daily basis.
I think we are in the last wave of the downward wave that started at $2070.
The price broke down hard at 1690 on Friday.
I think the decline will continue, as it does not rise above the 1690 level.
FED statements next week will play an effective role on the price.
Gold broke the 1680 support and regressed to 1655.
On Tuesday, inflation data came 0.2 points higher than expected.
During the week, sales were dominant in the global markets.
Although inflation is the number one agenda in the world, I think the number one agenda in 2023 year will be recession and unemployment.
But for now, the eyes of the markets are closed to this side.
In the next week, there are announcements of the central banks, especially the FED, and interest rate decisions.
When We Examine the Price Chart on a Daily Basis
ABCD formation looks clearer on a daily basis.
I think we are in the last wave of the downward wave that started at $2070.
The price broke down hard at 1690 on Friday.
I think the decline will continue, as it does not rise above the 1690 level.
FED statements next week will play an effective role on the price.
