GOLD: Keep Rising as Fed Chairman Powell's speech on Friday?
Hello everyone! Today i want to share some macro analysis with you!
1.
Thursday (August 22) in the Asian market, gold short-term suddenly accelerated back down, the current gold price is approaching the $ 2,500 / ounce mark, the gold price intraday heavy fall of more than $ 10.
The corrective downward trend in gold prices may continue, but it is unlikely to see a more dramatic decline. $Gold - main 2412(GCmain)$
2.
TECHNICAL: Gold remains on track to test 2550 as the daily chart of gold is technically bullish, with an eye on the Fed minutes on Wednesday. After that, investors will be looking at Fed Chairman Powell's speech on Friday.
The short-term technical outlook for gold prices remains constructive as the breakout from the symmetrical triangle remains in play.
The 14-day Relative Strength Index (RSI) is holding firm above 50 and is now close to 66, suggesting that there is still room for further gains in gold prices.
If gold buyers recapture the record high of 2532, the next upside target is expected to be at 2550, and if the latter is broken, the price could challenge $2600 per ounce, which could then lead to the triangle target of 2660! If the price encounters resistance at higher levels, a pullback could follow, targeting Monday's low of 2486.
If gold falls below the above short-term support level, gold is expected to test the triangle resistance-turned-support level (currently at is 2470). If gold retreats further, then the 2450 psychological mark will challenge the bullish commitment! Gold's upward momentum remains strong and trading continues to be a buy trade! Keep watching for new highs to come!
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