A global crisis is looming… Where is the gold going?

It opened with stability after the last rally that occurred on Friday, as the ounce tested 1682 levels and settled at 1680 levels before today’s opening.

With today’s opening, it returned to fall again to 1668 levels, to be the beginning of a week that tends to stabilize. 1660 levels are considered an important support that should not be broken and closing below it in order to keep expecting the continuation of the rise in the current week’s trading.

In general, this week is also important in terms of indicators, which we will show the most important and the time they will be released.

Monday

Today, Lagarde is talking about the European economy.

Tuesday

Gathering votes for midterm elections that are important in changing or stabilizing policies

Wednesday

There is nothing important

Thursday

CPI, which is a very important day for the Fed

Unemployment claims index which is also important to the economy

Friday

It is also an important day in terms of the release of the US Consumer Confidence Index

Of course, the most important thing to be released during this week is the consumer price index, which is considered a reliable basis in order to determine the monetary policy to be followed in the next meeting, and which affects gold directly, because expectations will play an important role in the movements.

Congress will play a big role in geopolitics, even with military support for Kiev against Russia, and policies are likely to change based on the election results, either to increase or decrease support, which will play a big role in the dollar’s movements, and thus reflect on gold.

Technically gold:

Gold has an important support at 1660 levels that should not be broken and closing below it in order to keep expecting the continuation of the rise in the coming period. Also, 1680 levels are considered an important resistance in the market, surpassing it and closing above it will give us a positive expectation that will continue above 1700 levels, and technically, these levels are an expected target.

Advice:

I still prefer buying at these levels, and I expect the rise to be the basis in the coming period, and I prefer buying as long as gold prices are stable above 1660, but any break and close below it is better to boost buying from 1620 levels.

With my best wishes to all.

Leave a Comment

Your email address will not be published. Required fields are marked *