Oro / DollaroLong
GOLD
Fundamental------
Gold price seems to be looking up again after a week of profit lock mode, It seems like after reaching all the time high the price headed down with the conflict between Iran-Israel war as well as the uncertainty of reducing Fed rate due to higher economical data.
On Thursday the Gross Domestic Product ( GDP ) came out 1.6% which less than expected 2.5% even though Unemployment Claims and Pending Home Sales came out higher than expected.
If the FED can see the rate cut by September ,it can lead the Gold to push even higher from its key level as rising interest rates make bonds and other fixed-income investments more attractive, money will flow into higher-yielding investments therefore when the FED decides to cut its fund rate the gold most likely to raise as it decreases competition from higher-yielding investments.
Technical -----
Gold seems to have returned to the main bullish trackback from a bearish correction after a week of profit lock. Looking the monthly chart monthly It shows us a major breakout, and we think prices could test above 2500 in 2024.
The price tested 50% fib level as well as Daily Demand , therefore looking for buying opportunities towards the supply area 2390.
If the price breaks below 2290 ,then might go lower towards 2250 area.
At the end , Its all about reacting , Not predicting ! Nothing perfect when it comes to the market .
Gold price seems to be looking up again after a week of profit lock mode, It seems like after reaching all the time high the price headed down with the conflict between Iran-Israel war as well as the uncertainty of reducing Fed rate due to higher economical data.
On Thursday the Gross Domestic Product ( GDP ) came out 1.6% which less than expected 2.5% even though Unemployment Claims and Pending Home Sales came out higher than expected.
If the FED can see the rate cut by September ,it can lead the Gold to push even higher from its key level as rising interest rates make bonds and other fixed-income investments more attractive, money will flow into higher-yielding investments therefore when the FED decides to cut its fund rate the gold most likely to raise as it decreases competition from higher-yielding investments.
Technical -----
Gold seems to have returned to the main bullish trackback from a bearish correction after a week of profit lock. Looking the monthly chart monthly It shows us a major breakout, and we think prices could test above 2500 in 2024.
The price tested 50% fib level as well as Daily Demand , therefore looking for buying opportunities towards the supply area 2390.
If the price breaks below 2290 ,then might go lower towards 2250 area.
At the end , Its all about reacting , Not predicting ! Nothing perfect when it comes to the market .
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