WEEKLY GOLD HINT and analysis

Weekly gold analysis

◽️ Last week, the price of gold struggled to keep its price against the US dollar index due the US dollar index reaches to 104 level, the highest in nearly 20 years

◽️ FED is ready to raise interest rates by 50 basis points this week, and this has led to an increase in the strength of the US dollar and keep gold in low

◽️ On the other hand, the US dollar index reached 104, the highest level in last 20 years, AND any retracement on DXY can move gold to the upside.

◽️ However, the Federal Reserve has indicated that it is preparing to another hawkish monetary policy, But dollar seems to have priced all the hawkish monetary policy and is now at its highest level and only needs a flip.

◽️ Given that the price of gold was able to maintain its support despite the strength of the dollar, now we feeling better to looking for long positions

🔻 Gold’s downtrend move seems is running out but all ayes on Fed interest rate decision and see what happens for market with that decision

🔻 Any neutral tone or dovish by the central bank could devalue the US dollar and increase the price of gold.

WEEKLY GOLD HINT and analysis

Weekly gold hint

Weekly gold analysis

◽️ Downward pressure, Due to the Hawkeye FED monetary policy alongside the Upward pressure because of the inflation risk and war, we have a MIX Sentiment in gold

◽️ There are a lot of Long and Short trades on gold and according to the COT report analysis, we had -14,530 positions trimmed in total 239,757 net positions

◽️ Although the Ukrainian war is priced in the market, a stalemate in Ukraine’s peace talks could put upward pressure on gold

◽️ Further downward pressure on gold indicates that the market is focusing on Fed monetary policies.

◽️ Everyone is waiting for the results of global economic data to clear up and estimate the economy grows and inflation

◽️As the U.S. dollar and bond yields continue to rise we can see lower prices in gold around $1900

🔻 All ayes on GDP, Crude oil investment, and Core Durable Goods Orders calendar events this week

🔻 Technically if gold can hold the 1916$ area we prefer to enter a new long position

Ziwox.com

Weekly gold hints

Weekly gold analysis

◽️Gold is sold in the futures market at the same time as it’s bought by Investment funds.

◽️Hence, gold moves to important support and resistance levels could be significant this week.

◽️Sentiment in the gold market is extremely bullish

◽️10-year bond yields have risen to their highest level in 3 years and it’s possible that we see a new rally in gold

◽️The U.S. central bank expects to start reducing its balance sheet following the May monetary policy meeting and this is a bearish force on gold

◽️Despite all this bearish news, gold has managed to consolidate between $1,900 and $1,950 an ounce and it’s a Bullish sign for Gold

🔻 significant geopolitical uncertainty and if Russia threatens Europe’s oil and gas supply could push equities down and energy prices up 

🔻 If you don’t have any buy position, So don’t try to open a new one in bad risk/reward, BUT if you have a position from last week you have to patience for new higher high 

#weeklygold #XAUUSD

@ziwoxglobal

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