From 2020 August, Gold has been creating a descending triangle in big time frame. We see that 1680 has been quite strong support.
Fundamentally, every-time rate hike news came up, gold has been drowning into red. After december 2021, FOMC protocol, we have now confirmed that there is high probability of rate hike in upcoming March.
Therefore, gold might meet again with 1680 before march. Only inflation is now backing up shiny metals now.
On the other hand, technically gold is in short-term bullish channel. Bottom of the channel is sitting around 1765 area. If it able to breakdown the support, most likely go down further below to 1680 again. If not, highest could be top of the falling trendline of descending triangle.
Lets see how it's react on NFP news today.
Fundamentally, every-time rate hike news came up, gold has been drowning into red. After december 2021, FOMC protocol, we have now confirmed that there is high probability of rate hike in upcoming March.
Therefore, gold might meet again with 1680 before march. Only inflation is now backing up shiny metals now.
On the other hand, technically gold is in short-term bullish channel. Bottom of the channel is sitting around 1765 area. If it able to breakdown the support, most likely go down further below to 1680 again. If not, highest could be top of the falling trendline of descending triangle.
Lets see how it's react on NFP news today.