Gold prices have lost nearly 20% of their value in the last six months. Inflation in the US is still very high. Rate increases in the US are making non-yielding gold less attractive. The gold (GC) futures price has decreased by $400 per ounce, or 19.45%, in the last six months. There has to be Read More…
Gold trading inside minor and major support zones Gold Sell off as Dollar rallies after CPI report Volatile market conditions expected The Daily Support Zone Last week we spoke about the major support zone in GC in this article. We still find a lot of buy support happening at this level even after a major Read More…
Gold (GC) futures prices fall after Powell’s hawkish remarks. ECB raised rates by 75bps. Yellen raised investor hopes for lower inflation. On Thursday, gold (GC) futures closed lower as Federal Reserve Chairman Jerome Powell emphasized the bank’s commitment to bringing down inflation. He suggested that additional interest rate hikes were imminent. The move comes after Read More…
Major Support Zone Proving to be strong on the Daily chart Downtrend Channel on the 2-hourly chart Potential 1-2-3 Reversal pattern on Daily Chart What Has Happened? Since August 31, we expected some strong support around the $1,715.3 level; we have seen that play out now with bids coming in the past week as the Read More…
The US labor market remains tight with high demand for workers. US Manufacturing PMI came in above 50 in August, showing steady growth. Analysts expect the US dollar to keep rising, meaning lower prices for gold futures. Gold (GC) futures prices continued to decline as the US dollar strengthened ahead of important payroll data anticipated Read More…
Test of a major support zone possible Short trade results from a retracement into the Gaussian channel RSI oversold on shorter time frames Daily Chart The daily outlook has been bearish for the past six months, with prices dropping 19.27% from the peak on March 8. The major support zone at $1,715.3 has been tested Read More…
