RLinda ! GOLD-> Pullback to support 1807. What's next?
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Gold is showing a slight pullback after yesterday's rally. The price is going down to the previously broken triangle boundary. What to expect from the price in the 1810 zone?
Federal Reserve Chairman Jerome Powell said last week that the U.S. central bank will raise rates next year, even as the economy slides toward a possible recession.
A rate hike usually puts pressure on gold, but as we enter the late Fed tightening cycle, gold may rebound. However, for a more significant price recovery, the Fed would have to pause and possibly cut rates.
From a technical analysis point of view, gold is in a bullish trend. After breaking the resistance of the triangle, the price regresses back to the previously broken level. If the bulls can hold 1807, gold will continue to rise in the near term. My target is 1858 and the medium-term target is 1879
Regards to R. Linda!
Federal Reserve Chairman Jerome Powell said last week that the U.S. central bank will raise rates next year, even as the economy slides toward a possible recession.
A rate hike usually puts pressure on gold, but as we enter the late Fed tightening cycle, gold may rebound. However, for a more significant price recovery, the Fed would have to pause and possibly cut rates.
From a technical analysis point of view, gold is in a bullish trend. After breaking the resistance of the triangle, the price regresses back to the previously broken level. If the bulls can hold 1807, gold will continue to rise in the near term. My target is 1858 and the medium-term target is 1879
Regards to R. Linda!
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