GOLD 1H : NEW WEEK
GOLD
New forecast
Gold formed a weekly peak at the 2007 level, a weekly bottom at the 1969 level at the relative level, and a weekly close at the 1992 level.
But despite what happened last week, all technical indicators point to the upside
1- Testing the relative level of gold at 1969 and the inability of prices to remain below the 1982 level with any daily candle. Note that the 1882 level is the upper level of the descending channel for gold.
2- A weekly close at the 1992 level is evidence of a very strong rise to close above the 3-week moving average price level at the 1982 level.
At the fundamental level last week
1-The most important event was the US Federal Reserve’s decision to set the interest rate at 5.50%.
2- Powell’s press conference .
3- Record CPI rate in the USA
Stability, as it stabilized last October at 3.6%.
4- NFP employment data was released, reaching 99k current compared to the previous rate of 246k.
We have important news this week, which is the Fed's speech week.
Speech by Federal Reserve Chairman Powell.
Federal Reserve Governor Cook's speech.
Speech by FOMC Member Williams.
Federal Reserve Governor Jefferson's Speech
For your information, next Friday, 11/10, is a holiday in the American market (Veterans Day).
If there is a truce in the Middle East it could have a significant negative impact on gold prices)
Technical abstract
The gold price is trading bullish range and maintaining its consistency above support zone between 1993 - 1987 so far, waiting for the price to be stimulated to resume the main upward trend, remembering that our next target is at 2007 and then will try to reach 2020 and 2036 and to confirm the bullish trend should stable above 2007 and then our targets will be activate .
Therefor the uptrend scenario will be remain valid and effective during coming days supporting by The 50 moving average continues to support the suggested bullish wave, keeping in mind that breaking 1987 will put pressure on the price to test the most important support at 1975 before any new attempt to rise .so now its possible to do a retest to 1987 and then rise up .
The expect range trading for tomorrow it will be between resistance line 2007 and support line 1975 until stabilized .
Additionally ,News will affect on the market .
support line : 1984 , 1964
resistance line : 2007 , 2020
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
Gold formed a weekly peak at the 2007 level, a weekly bottom at the 1969 level at the relative level, and a weekly close at the 1992 level.
But despite what happened last week, all technical indicators point to the upside
1- Testing the relative level of gold at 1969 and the inability of prices to remain below the 1982 level with any daily candle. Note that the 1882 level is the upper level of the descending channel for gold.
2- A weekly close at the 1992 level is evidence of a very strong rise to close above the 3-week moving average price level at the 1982 level.
At the fundamental level last week
1-The most important event was the US Federal Reserve’s decision to set the interest rate at 5.50%.
2- Powell’s press conference .
3- Record CPI rate in the USA
Stability, as it stabilized last October at 3.6%.
4- NFP employment data was released, reaching 99k current compared to the previous rate of 246k.
We have important news this week, which is the Fed's speech week.
Speech by Federal Reserve Chairman Powell.
Federal Reserve Governor Cook's speech.
Speech by FOMC Member Williams.
Federal Reserve Governor Jefferson's Speech
For your information, next Friday, 11/10, is a holiday in the American market (Veterans Day).
If there is a truce in the Middle East it could have a significant negative impact on gold prices)
Technical abstract
The gold price is trading bullish range and maintaining its consistency above support zone between 1993 - 1987 so far, waiting for the price to be stimulated to resume the main upward trend, remembering that our next target is at 2007 and then will try to reach 2020 and 2036 and to confirm the bullish trend should stable above 2007 and then our targets will be activate .
Therefor the uptrend scenario will be remain valid and effective during coming days supporting by The 50 moving average continues to support the suggested bullish wave, keeping in mind that breaking 1987 will put pressure on the price to test the most important support at 1975 before any new attempt to rise .so now its possible to do a retest to 1987 and then rise up .
The expect range trading for tomorrow it will be between resistance line 2007 and support line 1975 until stabilized .
Additionally ,News will affect on the market .
support line : 1984 , 1964
resistance line : 2007 , 2020
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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