Looking for potential breakout in either a short or shorter time
Gold currently trading within a young range between the floor of approximately 1830 and the ceiling of approximately 1844.00.
We expect this to be broken throughout the trading week ahead with price break closing and retesting the technical level above and rising upto approximately 1855.00 as a rough ball-park price forecast.
If price fails to breakout of the ceiling of the range, we expect the range to continue within the current range highs and lows.
Be aware, the FED interest rate decision is this Wednesday which is likely to cause additional market volatility.
Fed Chair Powell will be talking inflation and also monetary policy projections. Currently looking at Q3 for rising rates but could be pushed up to Q2 if inflation data confirms.
We expect this to be broken throughout the trading week ahead with price break closing and retesting the technical level above and rising upto approximately 1855.00 as a rough ball-park price forecast.
If price fails to breakout of the ceiling of the range, we expect the range to continue within the current range highs and lows.
Be aware, the FED interest rate decision is this Wednesday which is likely to cause additional market volatility.
Fed Chair Powell will be talking inflation and also monetary policy projections. Currently looking at Q3 for rising rates but could be pushed up to Q2 if inflation data confirms.