GOLD → Extend losses in the aftermath of the Fed

GOLD , RETAIL TRADER POSITIONING, TECHNICAL ANALYSIS – IGCS UPDATE
- Gold prices extend losses in the aftermath of the Fed
- Retail traders are increasing their upside exposure
- This is a sign of more pain to come from GOLD

Gold prices dropped by -0.6% in the last 24 hours as financial markets processed the implications of the Federal Reserve interest rate decision. Retail traders have responded by increasing their bullish exposure to gold, as indicated by IG Client Sentiment (IGCS), which typically acts as a contrarian indicator.

GOLD Sentiment Outlook - Bearish

The IGCS gauge indicates that approximately 74% of retail traders are bullish on gold. This suggests that prices may continue to decline. Additionally, the number of bets on the upside has increased by 8.02% compared to yesterday and 5.9% compared to last week. Taking into account these factors, there is a stronger bearish contrarian trading bias.

GOLD is being pushed lower by recent losses towards rising support from February. There is also near-term falling resistance from July, creating a downside trajectory. The convergence of these trendlines suggests a potential breakout soon. Key support levels to watch are the rising trendline and the 38.2% Fibonacci retracement level at 1903.46.

If gold breaks lower, it could lead to a bearish bias with focus on the August low at 1884.89. Alternatively, if gold turns higher and breaks through the falling trendline, it could indicate a shift to a bullish outlook with the 23.6% Fibonacci retracement level at 1971.63 as a target.

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🕯 SELL GOLD | 1934 - 1931

🔴 SL: 1939

🟢 TP1: 1926
🟢 TP2: 1921

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Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.

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Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.

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For nearly a month, gold has fluctuated back and forth between $1,900/ounce and $1,950/ounce. This range should remain in place for at least a few more weeks.

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🕯 BUY GOLD | 1912 - 1914

🔴 SL: 1908

🟢 TP1: 1920
🟢 TP2: 1925

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