➡️ Metals rallied sharply amid risk appetite, a weakening dollar and declining yields in the US. GOLD has reached the level of $1813. The metal is trading near the top with continued bullish momentum.
The rally is strengthened by the correction of the US dollar and the moderate recovery in US bonds. US equities are trading mixed, but not near lows, which also helps commodities.
However, the tool fell $30 after Powell's comments to $1780. Powell confirms the Fed's plans to cut asset purchases, which put pressure on the yellow metal. As a result, GOLD closes the week at $1792. The market reaction favored the dollar's recovery, putting pressure on equity markets and commodities.
Friday's blow to GOLD by the head of the Fed does not bury the bullish potential of the tool. This is a very erroneous opinion. Price retains its presence in the uptrend channel. The $1776.715 level serves as an excellent price area for finding a buy entry point with a target of $1830. With a breakdown of $1830, the price would come up to $1870 and $1900.
For the coming week, the BUY-priority persists as well.
Thanks for your comments and likes 👍
The rally is strengthened by the correction of the US dollar and the moderate recovery in US bonds. US equities are trading mixed, but not near lows, which also helps commodities.
However, the tool fell $30 after Powell's comments to $1780. Powell confirms the Fed's plans to cut asset purchases, which put pressure on the yellow metal. As a result, GOLD closes the week at $1792. The market reaction favored the dollar's recovery, putting pressure on equity markets and commodities.
Friday's blow to GOLD by the head of the Fed does not bury the bullish potential of the tool. This is a very erroneous opinion. Price retains its presence in the uptrend channel. The $1776.715 level serves as an excellent price area for finding a buy entry point with a target of $1830. With a breakdown of $1830, the price would come up to $1870 and $1900.
For the coming week, the BUY-priority persists as well.
Thanks for your comments and likes 👍
