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The GOLD price has broken lower out of a 3 week consolidation, but will the price go lower from here or does this offer a long opportunity?

Watch the video to learn more…

Gold Analysis

The Federal Reserve hikes interest rates by 75bps above the forecasts which showed a 50bps. This was in direct response to the latest inflation data which showed another increase. The Federal Reserve Chairman Jerome Powell stated that they thought they would have seen inflation start to flatten, this was not the case. The USD reacted negatively to the news release which has seen the price of Gold beak through the lows of a 3 week consolidation.

The price breaking through these lows would see many traders try to sell the market in line with the breakout, however, if the USD is weakening we should see the market move higher. This could offer a long opportunity, we often see when price forms a range, the price breaks but ends up trading back within the range and moving towards the highs. If the price does trade back within the range we could look for a retest of the lows for a long opportunity to the highs of the range.

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