Forex Chart Of The Day: GOLD Short Idea To Support

The price of Gold could offer traders short term short opportunities to a key support where the longer term trend could continue. 

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GOLD Analysis

The price of GOLD has recently broken through a long term bullish channel, this was largely driven by the Federal Reserves potential to slow the pace of hiking rates. The inflation rate dropped to 7.7% in October and the Core Inflation rate fell to 6.3%. This could help with the Federal Reserve decision to slow the pace of tightening. This was a relief for the price of Gold which saw the commodity price trade from the lows.

Looking at the weekly time frame  we could expect the price to come back to retest the previous swing highs around $1725.00 before continuing the bullish move into the resistance of $1800.00. The current 4hr trend is forming lower lows and lower highs and currently the price is rejecting the trendline as resistance. If this is rejected we could see a short opportunity form to trade to $1725.00. 

Did you see our AUDUSD Analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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