A safe haven for every trader
At any time in history, if any risk enters the market, traders turn to safe areas to protect their assets.
In the past few months, gold has been the best safest place for all financial risks.
From recession to financial crises and recently banking problems. As a result, traders withdraw their assets from banks and keep them safe in gold.
In the last week, gold grew by about 9%, and the only reason for that is the gold’s paradise, traders took their money out of bankrupt banks and invested in gold.
Even before the financial crisis, many analysts believed that the possibility of a pivot in FED monetary policies was imminent. Now with the bank crisis, Sooner or later, this would happen. so the conditions are set for a bullish gold market.
From a technical point of view, gold is in an over-bought area and retail traders may be thinking about short on these levels of gold. but what the smart money has entered into gold is heavy long. Therefore, in the short term, before breaking the last high resistance levels, 2000 and 2070 dollars, we will probably see the price of gold in side way.
On the other hand, Markets don’t rises and fall like a waterfall and need a correction, but in no way is this correction suitable for selling, you should lurk and wait to buy gold at lower levels.
$1946, $1911, and $1877 are the main support levels.
On Tuesday we have the Australian central bank’s meeting.
Wednesday is our volatile forex day. The FOMC and the FED interest rate decision will strongly impact the gold price. any sign of hawkish policy makes pressure on gold and any dovish policy pushes gold higher.