Gold Declines??
Feds have been able to slow down inflation by rising interest rates. We have seen have also seen the Treasury increase in value as well, this gives us an indication that the US dollar is going to gain value in the long term however we should consider the US Debt ceiling as the US government has a cashflow problem, Janet has stated that government will default if the debt ceiling is not increased. On the 27 May 2023 president Joe Biden has announced to suspend limit until 1 January 2025 this should be positive news for the dollar.
Gold has form a double top at the beginning of May with an bearish Engulfing candle close which also form part of a triple top as price failed to break 2070, the high of 2020 and 2022. We have currently broken the neckline line of the double top with continuous bearish flag. Entry on the break and retest of the flag where it is retesting a weekly low.
Gold has form a double top at the beginning of May with an bearish Engulfing candle close which also form part of a triple top as price failed to break 2070, the high of 2020 and 2022. We have currently broken the neckline line of the double top with continuous bearish flag. Entry on the break and retest of the flag where it is retesting a weekly low.
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