GOLD: What's next after it reached 2670?

25 сент.

GOLD: What's next after it reached 2670?

From our yesterday's analysis GOLD reached two of our tragets by creating a new all time high near 2670. The war bettween Israel and Lebanon just began and it will not make the things better. Despite the fact that gold is taking a pause is because of the fear from the unknown becaus all this situation is getting rediculous. Not we are watching only which will be the next country in the list for Israel to atttack for the gold price to rise further.
Given that the current situation is not good at all and the situation from the media sources is expected to escalate further we should not expect any deep pullback from Gold.
Every price decline now will be a buy opporutnity on deep or small pullbacks.
On the other hand the market is still speculating about FOMC and interest rates and the effect it has on gold but if we take the past in consideration it doesn't make sense at all to be involved in gold price. In my opinoin gold price is more manipulated rather than it is growing from normal market participatns but this is another topic.

Technical Analysis:
A normal correction before gold moves up to 2700 could be near 2637.50
A deep correction before gold moves up to 2700 could be near 2617.14
It's a big reversal zone overall but it can be tested because the market can also take profits.

You may find more details in the chart!
Thank you and Good Luck!

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Previous analysis:

26 сент.

Сделка закрыта: достигнута тейк-профит цена

26 сент.

Заметка

⚠️GOLD Unstoppable

From yesterday’s analysis, gold made only a small correction up to 2650 before resuming its upward movement. The FOMC speculation regarding a potential rate cut by the end of the year continues to support the bullish trend. The market is interpreting the same news repeatedly in an unprecedented manner, which is weighing heavily on the USD and contributing to gold’s strength.
GOLD already reached 2685 as expected movement.

Additionally, within the next hour, we have Powell’s speech, and the market expects him to reiterate the possibility of a 50 bps interest rate cut.

However, the primary factor driving gold higher is the new conflict between Israel and Lebanon. Considering gold’s strength, it appears poised to continue rising. This is the only direction it has moved so far, albeit in a rather unsettling manner. The market is heavily positioned on one side, which doesn’t make sense from all perspectives. It seems everyone is adding to their long positions in gold.

⚠️But what might happen if the major players start taking profits one of these days? Will the gold price reconsider its trajectory despite the ongoing war? A similar situation is unfolding with oil, which is undervalued at a critical moment when it should be around 130.