JICPT| Gold took a dive amid strong retail data & Dollar index!
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.
Komen:
Price responded to the my zone against the backdrop of risk adversity on Monday.
Komen:
One more higher.
plan your trade and trade your plan
