Central banks are still buying gold and we got risk off sentiment from Israel/Iran war. Demand for gold is still high. We are on a pullback since it is a very crowded trade+ Trump giving Iran 2 weeks for a deal + the Fed not cutting rate since they are waiting on inflation data to see if those numbers rise.
A few investment banks see gold hitting 3500 before year end.
Technically (which is 20% of the reason why I am looking at gold long) we got last leg 78.6 fib+ 50 Daily MA + H4 200 MA + bigger time frame 38.2 fib
3325 will be the zone I will look to get in... if we get there.
Trump might just attack Iran during the weekend and we get a market open gap on gold... who knows..
Good luck and happy trading!
A few investment banks see gold hitting 3500 before year end.
Technically (which is 20% of the reason why I am looking at gold long) we got last leg 78.6 fib+ 50 Daily MA + H4 200 MA + bigger time frame 38.2 fib
3325 will be the zone I will look to get in... if we get there.
Trump might just attack Iran during the weekend and we get a market open gap on gold... who knows..
Good luck and happy trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.