The price of GOLD continues to move lower, will the price break through the lows or find support?
Watch the video to learn more…
In our recent Gold analysis video we highlighted a trading range in which price broke out of. Typically when the price breaks a range we can often see the price break back into the range and trade back to the other side. The price of Gold did break back within the range and traded towards the highs before recent data drove prices lower. Fundamentally the picture for Gold doesn’t look pretty, the Federal Reserve are looking to hike rates aggressively as inflation continues to rise. This has had a negative effect on the price of Gold which could see any rallies sold.
The price is heading lower towards the recent swing lows, this is an area where the price found buyers. The price could find buyers again in this area with the opportunity for the price to reach the highs or even the resistance trendline. The price could then find sellers at these areas for possible moves in line with the fundamental trend.
Have you seen our recent EURJPY video? You can view it here.
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