due to the high inflation and the poor US economy gold should be bullish so why is it falling ? the answer is that $Gold is pricing in the future upcoming US economic stimulus , the institutions and investors know that the FED will step in to try to lower the current high inflation . so don't be surprise if you see a gold rise when FED rises the interest rate since the short are already being priced in .
$Gold is traded in a very bearish zone especially with it breaking under 1770 , so I suggest you to consider looking for sells only . currently gold is consolidating between 1770 and 1762 , and if we get a candle close under 1760 $Gold is likely to keep it's bearish run toward 1754 and if this level breaks , we will see a possible continuation to 1749 , 1745 and 1741.
i only consider looking for buys if $Gold breaks above 1770 , and when it does there a higher chance for it to come back to 1787 level.
with the upcoming newyork session that will bring more volume to the $Gold market we might see some nice moves on gold .
If you find the post of help and value please consider supporting it by liking and commenting bellow, and make sure to follow if you aren't already I'll be updating $Gold chart more often so don't miss it !
I see you soon in the next post !
$Gold is traded in a very bearish zone especially with it breaking under 1770 , so I suggest you to consider looking for sells only . currently gold is consolidating between 1770 and 1762 , and if we get a candle close under 1760 $Gold is likely to keep it's bearish run toward 1754 and if this level breaks , we will see a possible continuation to 1749 , 1745 and 1741.
i only consider looking for buys if $Gold breaks above 1770 , and when it does there a higher chance for it to come back to 1787 level.
with the upcoming newyork session that will bring more volume to the $Gold market we might see some nice moves on gold .
If you find the post of help and value please consider supporting it by liking and commenting bellow, and make sure to follow if you aren't already I'll be updating $Gold chart more often so don't miss it !
I see you soon in the next post !