GOLD
OUTLOOK
Gold prices rose from five-month lows on Monday, after falling in the past five sessions, as investors' focus turned to a meeting of central bankers in Jackson Hole, Wyoming, this week in anticipation of their outlook on the economy and interest rates.
Gold fell to its lowest level since mid-March, recording 1883.70 last week, after optimistic economic data increased bets that US interest rates would continue to rise for a longer period, which reduced demand for non-yielding commodities.
Investors' focus will be on US Federal Reserve Chairman Jerome Powell's speech on Friday at the annual conference of global central bankers in Jackson Hole.
Currently , as long as price trade under strong resistance 1902 area the price will be continue at the bearish attacks and record a new lows and the way to 1810 will be open .
as for renewing the bullish attempts, this requires the price to stable above resistance 1902 area and then the price will build a positive momentum to reach 1938 .
Additionally, the price break strong support zone and also EMA200 which is explain that the price will be continue at the bearish trend .
support line : 1856 , 1810
resistance line : 1902 , 1938
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OUTLOOK
Gold prices rose from five-month lows on Monday, after falling in the past five sessions, as investors' focus turned to a meeting of central bankers in Jackson Hole, Wyoming, this week in anticipation of their outlook on the economy and interest rates.
Gold fell to its lowest level since mid-March, recording 1883.70 last week, after optimistic economic data increased bets that US interest rates would continue to rise for a longer period, which reduced demand for non-yielding commodities.
Investors' focus will be on US Federal Reserve Chairman Jerome Powell's speech on Friday at the annual conference of global central bankers in Jackson Hole.
Currently , as long as price trade under strong resistance 1902 area the price will be continue at the bearish attacks and record a new lows and the way to 1810 will be open .
as for renewing the bullish attempts, this requires the price to stable above resistance 1902 area and then the price will build a positive momentum to reach 1938 .
Additionally, the price break strong support zone and also EMA200 which is explain that the price will be continue at the bearish trend .
support line : 1856 , 1810
resistance line : 1902 , 1938
If this post was useful to you , don't forget to subscribe and like , Thanks ❤️
Gold is highly dependent on the DXY price. and the DXY try to get out of the sensitive zone and stabilized under 102.57 in this case, . I expect a correction to 1912, maybe even to 1925, but in the medium term - a fall to 1880-1850 due if that failing of DXY was correction .