Hello Friends,
Gold made a breakout of the downward facing trendline at 1739-1740 level. Since then sentiment is semi-bullish. Price broke the 1750-752 psychological level after the Fed minutes release. Fed minutes release showed that Fed officials see a smaller interest rate hike in future. (BOC also hints the slowing pace of rate hikes).
The policy loosening help gold price and it will lift it up in coming week(s).
We may see 1780-1790 zone in near the coming week.
Lets see what Fibonacci levels analysis.
Resistance will be :
1) 1761-1762 (Fib-61.8)
2) 1771-1772.5 (Fib 78.6)
3) 1782-1785 (16th Nov High)
Support that we can look at :
1) 1750-1752
2) 1739-1740 (Fib 23.6+ Breakout Level)
3) 1726-1727 ( Nov 23 Low)
Price currently is under 200 DMA (1803-1807).
My sentiment is long till TP1782-1785 zone. Then Price has strong resistance at 1800 ( Psychological level plus the 200 DMA). If it is crossed it is technically strong bullish for Gold for future.
Good Luck and share your views fellows.
Gold made a breakout of the downward facing trendline at 1739-1740 level. Since then sentiment is semi-bullish. Price broke the 1750-752 psychological level after the Fed minutes release. Fed minutes release showed that Fed officials see a smaller interest rate hike in future. (BOC also hints the slowing pace of rate hikes).
The policy loosening help gold price and it will lift it up in coming week(s).
We may see 1780-1790 zone in near the coming week.
Lets see what Fibonacci levels analysis.
Resistance will be :
1) 1761-1762 (Fib-61.8)
2) 1771-1772.5 (Fib 78.6)
3) 1782-1785 (16th Nov High)
Support that we can look at :
1) 1750-1752
2) 1739-1740 (Fib 23.6+ Breakout Level)
3) 1726-1727 ( Nov 23 Low)
Price currently is under 200 DMA (1803-1807).
My sentiment is long till TP1782-1785 zone. Then Price has strong resistance at 1800 ( Psychological level plus the 200 DMA). If it is crossed it is technically strong bullish for Gold for future.
Good Luck and share your views fellows.