The gold markets initially rallied during the day on Tuesday but continue to see a lot of downward pressure. forex forextrade forextrading
At this point, it looks like the market is more likely than not going to break down through the bottom of the last couple of candlesticks, which is at roughly $1645. If we get through there, then it opens up an attempt to get back to the recent lows, and then eventually down to the $1600 level where I suspect there will be a certain amount of psychology attached to that level, perhaps offering another bounce.
Gold is a very fickle asset to own, and it of course has a negative correlation to not only the US dollar, but interest rates coming out of that same country. If they both continue to rise, then it almost makes it impossible for gold to have any sustainable rally. I believe that the $1680 level continues to be a major resistance barrier as well, as it previously had been a major support level. “Market memory” should continue to be found right around that area.
However, the first signs of the Federal Reserve loosening monetary policy will be like rocket fuel for this market, and gold will almost certainly be one of the best assets to own. We are nowhere near watching the Federal Reserve destroy inflation yet, so we may have a while before that happens.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: Stuck Below Critical Resistance - Levels for XAU/USDGold prices have not been able to hold onto gains in a meaningful way. The technical structure remains weak as long as gold prices hold below the area around 1680.
Read more »
Gold Forecast: Gold Markets Plunge AgainXAUUSD gold - The $1600 level is a very realistic target at this point, perhaps even down to the $1500 level of the longer term. goldpricetoday forextrading forextrade
Read more »
AUD/USD keeps the red below 0.6300, focus shifts to Australian jobs report on ThursdayAUD/USD keeps the red below 0.6300, focus shifts to Australian jobs report on Thursday – by hareshmenghani AUDUSD Fed Bonds Employment Currencies
Read more »
Gold Price Forecast: XAU/USD to come under renewed pressure, next support at $1,614 – Credit SuisseGold has reinforced its “double top.” Strategists at Credit Suisse expect the yellow metal to suffer further weakness. Only a convincing weekly close
Read more »
Gold Price Forecast: XAU/USD turns sideways around $1,650, eyes yields action for further guidanceGold Price Forecast: XAU/USD turns sideways around $1,650, eyes yields action for further guidance – by Sagar_Dua24 Gold XAUUSD Fed YieldCurve SP500
Read more »
Gold Price Forecast: XAU/USD fades bounce off $1,640 support amid hawkish FedspeakGold Price Forecast: XAU/USD fades bounce off $1,640 support amid hawkish Fedspeak – by anilpanchal7 Gold XAUUSD Inflation RiskAppetite Ukraine
Read more »