2023-05-07 16:43:00
It returns to the financial scene strongly following it recorded a new peak at 2077 levels once more, with the accelerating pace of events following the Fed’s recent statements, which plunged the US dollar once morest the basket of currencies, to make gold shine once more amid a noticeable decline in the stocks of US banks, which some called the infection of banks.
Indeed, stocks were negatively affected by all sectors, but job growth unexpectedly reversed the picture, following it coincided with the rise in US returns to rebound once morest the basket of currencies.
The same fears remain in the hearts of investors, and this is why the sharp fluctuations continue amid attempts by the financial authorities to limit inflation, which has become a breaker that cannot be restricted, and therefore gold speculators face various opportunities if the bears announce that they receive profit-taking operations.
technically:
On the weekly time frame, we see a distinct positive closure indicating gold’s continuation in the upward stairs despite the negative pressures, while on the daily time frame we see a negative closure indicating the presence of profit-taking operations following this rise, but we notice that the trend is still bullish and integrated, and therefore the bulls are waiting for the bears at any correction.
Looking at the four-hour time frame, it is an indication of the end of the correction at the 2016 levels, which are somewhat close to the 2008 resistance, which is considered an opportunity to return once more to complete the path towards the support levels 2048, then 2066, and from there to achieve a new peak.
We note that the current period is sensitive, and trading on the daily and four-hour timeframes is considered less risky, especially since transactions require some patience until we see positive results, unlike speculation on the small and short timeframes.
It is clear to us from the context of events that the correction process is a speculative opportunity, which will be at 1951 – 1975 – 2008 and 2016.
note:
What I publish is personal judgment and not a recommendation to buy or sell.
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