2023-05-08 06:32:00
Hello all
As we said last week, it will see a new high and it has already hit all the targets.
Gold peaked and closed the weekly candlestick below 2034.90. So we have the consolidation zone between 2035 and 1965 for the next week, the price will move between this zone until it is broken to their side. At first, gold will try to touch 2034, then fall to get 1965 once more, so closing the daily candlestick above 2035 will support the rise to touch 2081 for the next week. But closing the candle below 1968 will support the decline to obtain 1927 for the next week.
Pivot price: 2035
Support price: 1990 & 1965 & 1927
Resistance prices: 2045, 2065, and 2081
The expected general trend for the next week: bearish
The expected trading range for the next week is between the support level 1964 and the resistance level 2035
Gold chart
It may finally be over. The Federal Reserve raised interest rates by a quarter point on Wednesday, delivering what might be the last hike in the biggest rate hike in a generation.
Investors may now want to take a position for a pause, or even a potential reversal. CME’s FedWatch tool, which measures market expectations by pricing federal funds futures contracts, indicates a 4% chance that the central bank will raise interest rates once more in June, with a 96% chance that the Fed will pause. Markets are already pricing in the greater than 50% chance that the Fed will cut interest rates by the end of September.
Investors have grappled with the environment of rising interest rates — the Fed’s attempt to control high inflation for decades — for more than a year. Tightening financial conditions notably affected high-growth stocks, particularly those in the technology sector. If a change is coming, investors better be prepared.
Trading gold is profitable or investing it is more profitable and safer? Veteran investment analyst, Faisal Al-Jassem, will answer you in a free webinar next Wednesday at 8:00 Riyadh and Kuwait time.
All you have to do is register from here..Seats are limited: registration link
Gold Webinar – May 10th
1683534763
#general #trend #gold #week
