Gold: A Bearish Outlook - Another Point of View
Since yesterday, gold has not moved much despite the situation in the Middle East looking calm and stable for the moment.
In a normal market, gold should have started another downward wave, given that a ceasefire was reached between the influential countries and a war that could have lasted for years given their military arsenal.
Yesterday, Federal Reserve Chairman Powell testified for the second day and his comments were aggressive, despite being provoked by many of Trump's supporters with very aggressive tones. This was probably one reason why the US dollar did not show strength.
However, gold is a safe-haven asset and if it is to respect its status, chances are it will fall further, at least as a profitable moment, because all the important events have ended so far. It could create a possible reversal from the current area as shown in the chart.
Key downside targets: 3314.50, 3300, 3285, and 3270.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Since yesterday, gold has not moved much despite the situation in the Middle East looking calm and stable for the moment.
In a normal market, gold should have started another downward wave, given that a ceasefire was reached between the influential countries and a war that could have lasted for years given their military arsenal.
Yesterday, Federal Reserve Chairman Powell testified for the second day and his comments were aggressive, despite being provoked by many of Trump's supporters with very aggressive tones. This was probably one reason why the US dollar did not show strength.
However, gold is a safe-haven asset and if it is to respect its status, chances are it will fall further, at least as a profitable moment, because all the important events have ended so far. It could create a possible reversal from the current area as shown in the chart.
Key downside targets: 3314.50, 3300, 3285, and 3270.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Trade active
Trade closed: target reached
GOLD Reached 3289.20 so far and could drop moreNote
Target 3 reached
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
✅MY Recommended Broker is TRADE NATION
🔸bit.ly/49VySJF
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.