
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
2022-08-31 • Updated
4H Chart
Daily Chart
Gold prices tumbled during the first trading day of the week declining to as low as 1844 USD/Oz. However, it was able to trim these losses and closed the day around 1866 USD/Oz. Yet, the daily close is another bearish sign, since gold has broken the upside channel on the daily chart. Such a break remains in line with our expectations and the current downside retracement is not over yet. In the meantime, gold may retest its 200-day MA which stands around 1839 USD/Oz which likely to hold for a while before the uptrend resumes. Yet, we prefer to keep gold under our radar for few more days at least until the Federal Reserve decision, which would confirm whether gold will resume its major uptrend or the downside retracement has more legs to go.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1797.34 |
1830.14 |
1848.16 |
1862.94 |
1880.96 |
1895.74 |
1928.54 |
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
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The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!