Bearish target of $1,622 has been hit. Gold consolidating within a tight zone. Fundamentals playing a big role in the Gold price. Bears Target Hit In the October 28th article, we mentioned the potential for Gold to drop to the support zone at $1,622. As we suspected, the gold price has done just that and Read More…
The rising US Dollar puts pressure on gold prices after Powell’s hawkish comments. The US labor market is still showing strength despite rising interest rates. The ISM non-manufacturing PMI dropped to 54.4 in October, the lowest level since May 2020. Following hawkish comments from Federal Reserve Chair Jerome Powell, Gold (GC) futures prices hit a Read More…
The US Dollar has rallied 18% this year due to an aggressive interest rate policy. Correlation between the Dollar and the Equities Futures markets. Technical Analysis on the US Dollar. Dollar Likely To to Remain Stronger The US Dollar has rallied this year by more than 18% due to the aggressive policy outlined by the Read More…
Gold bears are targeting lower prices. Spinning top from yesterday’s session on the Daily chart. Price retraces to test the neckline of a head & shoulders on the 2-Hourly chart. Recap From Earlier This Week On Monday 24th, we looked at the slight bounce in Gold prices out of the minor support potentially forming a Read More…
The US dollar reverses losses, making gold more expensive for overseas buyers. The US economy makes an unexpected recovery in Q3. US consumer spending fell to 1.4%, indicating reduced demand. Gold (GC) futures prices declined in choppy trading as a gain in the dollar offset support for the precious metal. Gold had been rising on Read More…
Gold Futures prices bounce off the minor support zone. The smaller time frames show many trade opportunities. The bearish sentiment remains. Quick Recap Last week, we mentioned the possibility of a bounce out of the minor support zone at $1,622.20-$1638.50 within the larger term downtrend. Take a look at the article here to get a Read More…
