2023-10-08 15:45:00
May the peace, blessings, and mercy of God be upon you
Having money and things that can be bought with it is good, but it is also important to check every now and then that you do not lose things that cannot be bought with money in the process. George Lorimer
Praise be to God, Lord of the Worlds, who achieved with us the three bearish goals, and gold continued to play the string of death throughout the days of last week, which was the level of 1822, to finally be able to close the above weekly, and we saw when a candle closed with its entire body below the level, gold was able to reach 1810 easily. It was a bearish week par excellence. Gold was not able to achieve the condition to complete the decline, which is to break the death level by stably 3 daily candles below the level for the correction to occur on Friday of last week. We had warned that the 1922 death level would not be easy for gold, but until this moment there is no bullish indicator yet. .
Gold was able to form a weekly peak at the level of 1849, and bottomed at the level of 1810, with a daily movement rate of 0.325, weak compared to the previous week, which reached 0.675.
This is on the technical level for last week
As for the basic level of last week
1- It rose last week to its highest level since last November, supported by a series of data and reports.
2- A collective rise in the full futures bond yield, but we noticed a significant rise in the 30-year yield following the American jobs reports, where it reached 4.99%, which is the highest since 2007.
This insane rise in futures bond yields warns that a recession is on the verge of the American economy, and we always say that history repeats itself.
3- After a group of American reports and data, the most important of which are jobs reports, the American interest rate hike rate increased from 36% to 47% at the next meeting, according to the Boston Center’s report.
4- A decline last week gave the US dollar additional strength
Important news next week:
It is moderate news, not high, and we expect a quiet week with synchronized data and reports
1- Producer price index on a monthly basis
2- Minutes of the Federal Open Market Committee meeting
3- Consumer price index on a monthly basis
4- Initial unemployment claims
Conclusion in technical analysis for next week
Gold breaking the 1811 level, which is the second level of the death line, and holding a daily candle below the level will be bearish targets.
1798
1785
1772
However, if gold is able to break the sub-downtrend and the price equilibrium area extending from 1843 to 1850, and a daily candle stays above it, the targets will be bullish.
1860
1872
1886
This analysis is a personal opinion and has nothing to do with a buy or sell recommendation
You can follow the daily movement on my numbers in my profile
Good week everyone
Support and resistance levels for this week
1696833444
#gold #play #chord #falling #week
