◽️ Gold disappointed traders last week and recorded 4% decrease, lowest price in the last two months
◽️ FED consensus for hike another 75bp interest rates to suppress inflation, so gold will continue to trade in confusion next week.
◽️ But the point is that with the previous FED pressures and the global consensus for ordering the supply of energy, we saw some commodities prices decrease last weeks.
◽️ As a result, there is a possibility of reductions in prices, then the lower CPI index release can be healing for gold growth.
◽️ Gold is in the good support levels, and we can predict a short-term retracement in prices
◽️ Recent drop is mostly due to the rise of the dollar index, and technicallyis is in OB level. So any correction becomes stronger
🔻 Gold is in a short trend, even with these support levels, We tend to be a spectator and wait for some long trend signs
🔻 Support levels are $1719 – $1687 and resistance levels on the way are $1762 – $1776 and $1808