So following the a strong job market and above expected inflation, the prospect of higher interest becomes increasingly closer to reality. This however is very bearish for gold as investors will prefer to hold USD instead of gold because of interest payment.
From the charts, we see that the brief rally on gold bounced of our major trendline resistance structure and has continued as expected to the downside as bears have clearly taken control. So going into next week, I will be looking to short gold either at the break of the counter trendline or at the retest of previous support now resistance.
N/B: NOT FINANCIAL ADVICE
From the charts, we see that the brief rally on gold bounced of our major trendline resistance structure and has continued as expected to the downside as bears have clearly taken control. So going into next week, I will be looking to short gold either at the break of the counter trendline or at the retest of previous support now resistance.
N/B: NOT FINANCIAL ADVICE