So following the a strong job market and above expected inflation, the prospect of higher interest becomes increasingly closer to reality. This however is very bearish for gold as investors will prefer to hold USD instead of gold because of interest payment.
From the charts, we see that the brief rally on gold bounced of our major trendline resistance structure and has continued as expected to the downside as bears have clearly taken control. So going into next week, I will be looking to short gold either at the break of the counter trendline or at the retest of previous support now resistance.
N/B: NOT FINANCIAL ADVICE
From the charts, we see that the brief rally on gold bounced of our major trendline resistance structure and has continued as expected to the downside as bears have clearly taken control. So going into next week, I will be looking to short gold either at the break of the counter trendline or at the retest of previous support now resistance.
N/B: NOT FINANCIAL ADVICE
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.