Hello everyone. Gold has suffered a great loss today with rising US 10Y Yield and dollar index.
The better-than-expected retail data released today also weighed on the gold price. Investors have the view the stronger economy is, the sooner the fed will taper.
On the technical side, I observed a rally-base-rally structure(demand zone), confluence with flip and 61.8% fib. No wonder price got a response to the level.
Looking forward, I think the rebound target is 1786. Price is likely to face selling pressures around that level.
What do you think? Give me a like if you're with me.
Thank you for your support.
The better-than-expected retail data released today also weighed on the gold price. Investors have the view the stronger economy is, the sooner the fed will taper.
On the technical side, I observed a rally-base-rally structure(demand zone), confluence with flip and 61.8% fib. No wonder price got a response to the level.
Looking forward, I think the rebound target is 1786. Price is likely to face selling pressures around that level.
What do you think? Give me a like if you're with me.
Thank you for your support.
Note
Price responded to the my zone against the backdrop of risk adversity on Monday. Note
One more higher.
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plan your trade and trade your plan
Related publications
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.