
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!
2022-08-30 • Updated
H4 Chart
Daily Chart
Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near the $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable. The technical indicators still suggesting another leg lower in the coming days. The downside retracement may target 1860 and 1850 USD/Oz where we will reassess our medium-term long positions that were issued back in April, while we maintain our stop loss at 1835 for now.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1801.15 |
1841.25 |
1866.42 |
1881.35 |
1906.52 |
1921.45 |
1961.55 |
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.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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