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