It is being defeated by the bears for the third week in a row, and it seems that the bulls are wounded and recovery takes time, especially since most of the data are in favor of the bears to search for new lows after a strict public positive tone from the US Federal Reserve to continue raising interest rates next March, which may reach 50 basis points.
On the other hand, we see that the positive data was in favor of the American, who raised his hand in the balance of the financial markets, as for the basket of other currencies. We will also see that the major and prominent investors in the world stored gold in large quantities and are still continuing with this approach. We mention, for example:
– Ray Dalio, founder of the largest hedge fund in the world, believes that gold is a store of wealth and diversification.
– Jacob Rothschild buys gold to help preserve the wealth of generations after getting rid of the US dollar and diversifying into other currencies that he has not yet announced.
– Naguib Sawiris transfers half of his wealth to gold as a means of protection against future crises.
technically:
On the weekly timeframe, we see a negative closing above the average, which indicates a continuation of the decline, while on the daily timeframe, we see a positive closing and an attempt to correct until 1860 levels.
We notice that there is no bearish trend between the daily and four-hour intervals, but signs of strengthening the bearish trend after an explicit breach of the bullish trend. As for the hourly time frame, we see a bearish trend that meets the conditions, and can continue until 1800 levels.
Therefore, the negative pressure continues, and therefore we see that the best levels for selling are 1844-1860.
The first target is 1822
The second target is 1818
The third target is 1805
note:
My publications are not a recommendation to buy or sell, but rather personal judgments of the rapid course of events in the financial markets, and I put in your hands my humble analysis.
If I am correct, then this is success from God, and if I am wrong, it may be a shortcoming on my part, or there are developments in the financial markets that had an impact.