GOLD - BEAR ATTACK SOON ?
GOLD is growing unpredictably towards ATH. The market did not react in any way to last week's US fundamental data and now the price is not reacting to strong levels and liquidity zones. Ahead of ATH after 3 weeks of forming.
Investors remain cautious as the US Fed is expected to follow a path of moderate interest rate cuts (skipping a cut in November, or a 0.25% cut).
The gold price is actively supported by the tense situation in the Chinese markets and lower US Treasury yields, which helps the gold price to take another leap towards the ATH.
Now all eyes will be on Thursday when China holds a press conference and the US retail sales report is released.
Resistance Zone : 2680 - 2688
Support Levels : 2664,2658,2645
Technically, I don't think that the market will let the resistance breakout happen the first time. The pullback from 2685, formed 3 weeks ago, was made on the back of strong economic data, so the huge pool of liquidity above 2685 can be defended quite aggressively by the bears.
Technically, there are no signs for the continuation of growth. They may appear after the retest, but it will become clear after the fact.
P.S. : My short position is open at CMP 2680 with SL 2702.
Investors remain cautious as the US Fed is expected to follow a path of moderate interest rate cuts (skipping a cut in November, or a 0.25% cut).
The gold price is actively supported by the tense situation in the Chinese markets and lower US Treasury yields, which helps the gold price to take another leap towards the ATH.
Now all eyes will be on Thursday when China holds a press conference and the US retail sales report is released.
Resistance Zone : 2680 - 2688
Support Levels : 2664,2658,2645
Technically, I don't think that the market will let the resistance breakout happen the first time. The pullback from 2685, formed 3 weeks ago, was made on the back of strong economic data, so the huge pool of liquidity above 2685 can be defended quite aggressively by the bears.
Technically, there are no signs for the continuation of growth. They may appear after the retest, but it will become clear after the fact.
P.S. : My short position is open at CMP 2680 with SL 2702.
Comentarios
Positive US retail sales data & Jobless claims data helped Gold to break its ATH & now the situation seems like further continuation of bullish trend.
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