After a 1% decrease in the previous days, gold rose to about 2013 dollars due to the depreciation of the dollar on the eve of the release of key US inflation data.
Traders now know that the Federal Reserve is 70 percent likely to raise interest rates by another 25 percent in May.
Data released last week showed US employers continued to hire at a strong pace in March, while the International Monetary Fund said in a report on Monday that interest rates in the US and other industrialized nations will return to very low levels. Financial markets have been pessimistic about the U.S. economy since some U.S. banks collapsed in March. Elsewhere, data on Saturday showed that consumer inflation in China, the biggest consumer of bullion, fell to an 18-month low in March. The past has arrived.
Gold is in an Over Bought area but We expect a short-term rise for gold. From the technical point of view, the broken 2003 and Polk at that level can provide a good opportunity to enter into a purchase transaction.
Falling below the 1988 level can invalidate the buying scenario.
The resistance levels of 2021 and 2032 can be your first profit limit.
Gold Long idea by Alisabbaghi on TradingView.com
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