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Gold another BUY opportunity

업데이트됨

Hello Traders,
Last week Long trade went very well and I see another buy opportunity around here:
*The Fundamentals:
- GDP Growth: (USD: 2.6%)
- Inflation: (USD: 6.4%)
- Unemployment: (USD: 3.6%)
- Interest Rates: (USD: 4.75%)
GDP growth decreases. Inflation and unemployment is getting higher.
The FED policy is increasing the interest rates to lower down the inflation /most likely to increase 25bps tomorrow/, but this going to increase the unemployment and brings up the chances of getting into a recession.
We can see uncertainty in the market now before the interest rates tomorrow and the flight to save heaven assets like Gold especially after the news of the bankruptcy of big banks like / SVB and Credit Suisse banks/

*Sentiment:
-COT Report: shows /64.8%/ of the institutional Future open contracts are long on Gold .
- Retail Sentiment: 62% of retail traders are shorting Gold, which is another good factor, because most of the time the crowd are on the wrong side of the move.

Technical:
The Price has made a strong up move and we can see that the bulls are taking over the market now, it started to make higher highs and higher lows. It made a retracement to the /0.681/ fib zone which is a resistance level as well. This gives a good risk to reward ratio.

Trade Safe !

노트

My Stop loss is tight so I moved it under the /0.618/ fib level. The price is consolidating and positioning itself for the Interest rate decision today. Expect volatility tonight.