The prospects for a more aggressive policy tightening by the Fed is boosting the green buck. This is being manifested in pairs like USDJPY rising rapidly like there’s no tomorrow, EURUSD and GBPUSD sinking deeper and deeper. US dollar index continuing to accelerate to the upside will cause Gold, EURUSD and GBPUSD to sink even more.
Gold has just breached its recent strong zone marked ‘supply zone’, and at this point the nearest strong support is only seen at 1850. My bias is bearish for the yellow metal. Will be looking for short term sell position with targets of 1860 and 1850 levels.
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Gold has just breached its recent strong zone marked ‘supply zone’, and at this point the nearest strong support is only seen at 1850. My bias is bearish for the yellow metal. Will be looking for short term sell position with targets of 1860 and 1850 levels.
Please support this idea with likes if you find it helpful. I will be glad.
If you have different opinion please do share in the comment section below.