RLinda ! GOLD-> Active bulls rule. What's next?

Gold prices rose Friday to their biggest weekly gain in more than two years. Gold is trading between $1765 and $1760. Data out of the U.S. showing inflation slowing boosted hopes that the Federal Reserve would slow aggressive rate hikes, which actively influenced bulls' motivation to increase their positions.

תמונת-בזק
(Chart 1. Correlation of Key Instruments (Dollar Index, Government Bonds, Gold Price))

  • Dollar Index breaks support and seeks toward the August 2022 low of $104,636
  • The DXY dollar index fell 0.3 percent and headed for its biggest weekly drop since March 2020.
  • 10-Year Treasury Bonds.
  • Gold is renewing its highs in the last five weeks.


Softer-than-expected consumer price index data supports speculation that the pace of rate hikes at the Fed's December meeting may lead to a renewed downward trend in the dollar, providing gold with a window for a soft recovery

If market euphoria continues, gold prices could climb much higher and reach the $1800-$1880 range in the near term

תמונת-בזק
(Chart 2. Technical indicators and shop action on the daily gold chart)

From a technical analysis point of view, we see a test of 1765 resistance on the derivation. I assume a pullback for consolidation is possible. The target for a pullback is support 1727. The medium-term target for long positions is resistance 1765. 1807

Technical indicators:
  • Gold seeks to renew global highs. The price breaks the downtrend. We are waiting for confirmation on the chart. Ahead of the target is 1807.
  • Volumes on the daily chart are minimal.
  • Daily RSI is trading above the neutral 50 line and heading into overbought zone, the mood is still bullish
  • The daily MACD shows a move into the upper zone of the histogram and demonstrates an acceleration of the bullish trend.


Regards to R. Linda!
Chart PatternsForexfuturesGC1! (Gold Futures)GoldHarmonic PatternsTrend AnalysisXAUXAUUSD

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