May the peace, blessings, and mercy of God be upon you
If intelligence was one of the factors that make us win in the financial markets, we would not find that most traders are losers. (Victor Sprando)
Price action last week>
Praise be to God, he always achieved with us the two upward goals according to the previous technical analysis. Where gold was able to reach the first target at the 1935 level to rebound from it, and gold tried again to break the level and close the 4-hour candle above the level, so that the second target was very easy to reach at the 1947 level to rebound from it strongly, supported by the Fed’s decision.
Gold formed a weekly peak at the level of 1947.5, then forming a weekly bottom at the level of 1913.80, with a movement rate of (0.280) very similar to the movement rate of the previous week, which was (0.258).
Gold entered this week and the weekly close was at the level of 1925, the intersection of the general bearish channel and the ascending secondary channel. This means that we will witness a violent week (this often happens at the intersection of bullish and bearish channels, especially since this week will be the close of September). This week is full of important data and reports. .
This is on the technical level as well as on the fundamental level
Last week witnessed many important reports and data:
1- The most important news is that the US Federal Reserve’s interest rate is set at 5.5%.
To keep the door open to raising the rate, if necessary, at the next meeting in November and December of the current year.
2- During the press conference after the meeting, Uncle Powell emphasized several points
A- The Fed is committed to returning the inflation rate to the required rate of 2%.
B- The Fed’s next decision depends on the data, reports, and rates in the coming period.
T- The labor market in the United States is still fairly strong, and wages have risen insanely.
W- The inflation rate is out of reach, but we have to work towards a rigorous methodology and are prepared to raise it
Interest rate more and more if we need to in the coming months.
C- Economic recession is on the list of possible scenarios, but we are working hard
Within standards that allow this not to happen, we will be more strict and cautious in the coming months.
3- Energy prices rose significantly, supported by Russia’s decision to temporarily stop exporting crude oil
Which means a rise in prices and an increase in the inflation rate.
4- A significant increase in American short- and long-term returns, and this means a lot
Of debt and pressure on the Federal Reserve.
The most important news in this week, which is full of important reports
1- New home sales
2- Consumer confidence index
3- Durable goods orders
4- GDP on a quarterly basis
5- Pending home sales on a monthly basis and the conclusion in the technical analysis for this week
Gold breaking the supply level from 1929 to 1933 and holding a daily candle above would be bullish targets:
1943
1955
1966
However, if gold breaks the 1914 level, which is the price parallel to gold, and fixes a daily candle below it, the targets will be bearish.
1902
1889
1876
You can follow the daily movement through my statuses for quick publishing
The numbers are in the profile
Good week everyone
This analysis is a personal opinion and has nothing to do with a buy or sell recommendation
