The market has come to the conclusion that the level of 1800 to 1810 is a very strong and important resistance. Because after reaching this range several times, it has faced selling pressure.
1. It has probably completed wave B and will move towards wave C (1727 to 1734).
2. It has reached the corner of the drawn triangle and since it failed to register a higher ceiling, we expect it to break the triangle downwards and start a big fall.
3. In the short term, it is necessary to have a correction, because all indicators and oscillators and other fundamental and technical indicators are at the highest level and need to be corrected.
4. A shock may enter the market in the coming week and everyone will be surprised. According to the available data and forecasts, it is possible that the CPI will appear higher than expected (which will cause a downward shock) and as a result the Federal Reserve will be forced to raise the interest rate again by 0.75%. So according to NFP and PPI data (and possibly CPI), it is still too early for the Federal Reserve to have a plan to reduce the pace of interest rates.
Important: According to the fundamental data, the price of gold is very high and should have a deep decline.
1. It has probably completed wave B and will move towards wave C (1727 to 1734).
2. It has reached the corner of the drawn triangle and since it failed to register a higher ceiling, we expect it to break the triangle downwards and start a big fall.
3. In the short term, it is necessary to have a correction, because all indicators and oscillators and other fundamental and technical indicators are at the highest level and need to be corrected.
4. A shock may enter the market in the coming week and everyone will be surprised. According to the available data and forecasts, it is possible that the CPI will appear higher than expected (which will cause a downward shock) and as a result the Federal Reserve will be forced to raise the interest rate again by 0.75%. So according to NFP and PPI data (and possibly CPI), it is still too early for the Federal Reserve to have a plan to reduce the pace of interest rates.
Important: According to the fundamental data, the price of gold is very high and should have a deep decline.
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As we predicted, it has broken the downward triangle in the time frame of 4 and 2 H and started the downward trend. We expect wave C to extend to the 1734 range.