GOLD: Will the Upward Momentum Continue?
Hello everyone! Today i want to share some macro analysis with you!
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Have a good weekend! $S&P 500(.SPX)$ $Gold - main 2506(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
Technical surface recommendations: In the medium to long term, if the U.S. inflation data continue to improve, the Fed postponed interest rate cuts, the dollar stabilised and rebounded, may constitute pressure on gold prices. In addition, the world's major central banks still hold a large number of gold reserves, if there is a large-scale profit-taking, may also trigger gold prices to the downside. In this case, gold prices may retrace to the $3,100-$3,000 support zone, or even test the channel's lower rail at the $2,950 level.
D1 trend, after this week's continuity of the higher market, the current gold prices have stood on the top of the 3200 mark, according to the current market fundamentals, there is a great opportunity in the short term to hit the 3245-50 a line again, but at present the group of averages has not yet formed a multi-alignment, the MACD indicators are still in the process of the dead fork, so the weekly closing will be an opportunity to repair the rise of this wave without a clear retracement; Above the attention to 3245-3250 resistance! Support attention 3215-3220! Trading to maintain the main buy trading! Follow the trend!
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How to escap the choppy water!
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