It seems that the bulls will not rest until they swim in the sea of $2,000 per ounce, and this is not long after they knocked on the door of the 1950 levels, after which we witness a simple breath-taking break again.
This week is somewhat hot due to the return of natural liquidity to the financial markets, which is supposed to attract speculators more and faster, especially after the US balance was imbalanced against a basket of currencies after negative data, most notably the decline in the personal consumption expenditures index, and expectations that the Fed has finished the policy of violent tightening of monetary policy with news to enter a slower rate-raising phase.
Also, our date is Wednesday at 10:00 pm Kuwait and Makkah Al-Mukarramah time, with the report of the Open Market Committee, which coincides with the Federal Reserve’s decision, which is expected to be an increase of 25 basis points. However, Al-Faisal will be in the conference that follows the decision in half an hour, and at that time we will see the Fed’s tone, so that the vision becomes clearer for the bulls.
On the weekly time frame, we notice a simple positive closing that indicates a price reversal, and this is confirmed by the daily time frame, where we see two consecutive negative closings, and accordingly, we will see the ounce rebounding from the current levels to 1916 levels.
In the event that the struggle between bulls and bears intensifies, and the bears are able to achieve a round in their favour, the correction may continue until 1892 levels.
Looking at the big picture, we see that the trend is still bullish, and that the reversal points are speculative buying opportunities.
Interest news is very sensitive and the volatility will be remarkably high so pay attention to trading at the time of the official announcement.
My publications are not a recommendation to buy or sell, rather they are personal jurisprudence based on the course of my humble analysis. If I am right, then this is success from God, and if I am wrong, it may be a shortcoming on my part, or there are developments in the financial markets that have had an impact.