Gold Price Chart of the Week is Out: Here are the Expected Levels!

According to market analyst Ross J Burland, gold bulls are waiting for the recent rally tops ahead of the Fed to break. Golden bears, on the other hand, benefit from DXY techniques and the continuation of valuable reinforcement. Ross J Burland is trying to determine the side for the gold price from the charts of the week.

“Gold price maintains long-term bearish trend”

With the intervention of central banking, the dollar index (DXY) fell below 112. Thus, DXY lost about 1% altitude per week. Hence, the gold price closed the week in a turbulent form. Gold price gained 1.8% on a rally from $1,617.28 to $1,657.95. Markets are entering the blackout period prior to the November Federal Reserve rate decision. In this environment, technically, the rally is leaving the outlook complex for next week.

Gold price weekly and daily charts

For the gold price, the long-term outlook remains bearish. However, it has started to break through the daily trendline resistance.

Gold weekly and daily charts

This will leave the emphasis on the upper truth, especially if the bulls can break past this 4-hour resistance area.

Gold weekly and daily charts

The US dollar is currently testing a valuable micro trendline on the daily chart. If the bulls commit, an uptrend is possible beyond the recent highs around 114.80 on the cards. It is also possible that this will cause gold to cross over the border with a break of $1,625.

DXY daily chart

“The column that prevents precious metals from undergoing lower processing may collapse”

Gold price fell on Monday as the dollar strengthened. Investors are looking for clues as to whether the US Federal Reserve will allow for monetary tightening. Koindeks.com As you follow, markets expect the Federal Reserve to increase the federal funds rate by 75 basis points in November. This rate hike will be the fourth straight rate hike of this magnitude. However, the December rate hike is likely to be smaller. As a result, this puts pressure on the dollar.

However, as TD Securities analysts point out, rising global macro headwinds in emerging market economies are eroding consumers’ purchasing power. Given this situation, it is possible that the suppressed demand from his personal coop will decrease. Analysts speculate that this will likely collapse a precious pillar of pillar that is preventing expensive metals from trading lower. In this context, analysts highlight the following issues:

As a result, interest rates entered the restrictive zone. Therefore, precious metals often tend to underperform in the later stages of their walking cycle.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular