RLinda ! GOLD-> High probability to continue falling

8 mar 2023

Gold has been waiting for negative news from Powell almost from the opening session on Tuesday and dropped 0.9%. After the chairman's speech, the asset fell another 1.22%. What should we expect from gold next?

Briefly about what's important:

• Fed ready to accelerate rate hike if data comes in strong
  
• The rate peak is likely to be higher than many people expect
  
• further rate hikes are appropriate
  
• premature easing is undesirable at this point
  
• it is appropriate to hold rates higher for a period of time
  

The price is trying to buy back on Wednesday, but presumably above resistance of 1820 (Fibo 0.236) and 1828 (Fibo 0.382) the price is unlikely to go.
Right now the futures are stuck in the sideways range of 1818.9 and 1806.7 and it is headed towards the resistance, hence we have a chance for the gold to fall from the resistance to support 1806 and then to 1800.

I expect the retest of the area 1818-1820 and formation of false-break-down with the subsequent decrease in the price to 1810, 1806

Regards to R. Linda!

8 mar 2023

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