Bulls continue to receive the US dollar under the gold re -pressure. Meanwhile, the NFP data will keep the Fed standing in the war against inflation. According to technical analyst Ross J Burland, the Yellow Metal will probably have a significant decline after the US CPI in the coming days. We have prepared Ross J Burland’s graphic analysis for our readers.
“US Data Calendar will be critical for the coming days”
Kriptokoin.comAs you have followed, Gold closed Friday with a decline after the US in September after the US September. Yellow Metal, the new week began with a harsh decline. Thus, he returned a significant portion of his last week’s earnings.
This is contrary to the wars of re-establishing the supply-demand balance in the labor market in the face of inflation. Therefore, this means that strong interest rates are carried out for a predictable future. In addition, a reverse wind for gold prices against a flattened curve. The minutes of the previous Fed meeting, including US inflation data and retail sales, will be critical for the coming days.
In Asia, the US Dollar Index (DXY) made an opening of 0.5 %higher than last week. The price of the precious metal continues to decrease on Friday. In addition, there is still a space for a strong US dollar environment for an ongoing decline correction.
Gold Price Analysis with Graphics
The following belong to the same daily graph, but it is zooming. As shown in graphic-1.2 and 3, the price improves the dominant decrease tendency. Thus, the dynamic trend line at the end of August shifted out of the resistance. Harmonic crab pattern is rising.
Gold Daily Graphics-1However, the price continues to remain in corrective regions above recent levels of $ 1,614 and $ 1,659 per day.
Gold Daily Graphics-2In addition, as the last drawing in the daily graphics series shows, the price encounters resistance around $ 1,730. Therefore, in the process of correcting a price imbalance between $ 1,690 and $ 1,675, the lowest levels of Friday.
Gold Daily Graphics-3The second is close to the average of 50 %of the daily rise urge. This is a critical interest for the next week, which preserves a movement towards the rest of the opposite trend line and the last daily abortions mentioned above.
Gold 1 hour graphicsAs shown in the hourly graph, gold began to emerge under consolidation and support under the opposite trend line. Therefore, it shows that gold is on the way to the price imbalance. If the US dollar bulls act at the beginning of the week, a quick movement is possible to alleviate price imbalance. This is likely to cause last week’s high $ 1,675 dollars and support to $ 1,659 per day.
Gold 15 minutes of graphry-1When we look at the other 15 -minute graphics, there is a potential rise scenario in which the price goes beyond a trend line resistance. However, the dominant trend line is expected to keep up to $ 1,700 in the opening sessions of the week.
Gold 15 minutes of graph 2
