May the peace, blessings, and mercy of God be upon you
I don’t care about being the richest man in the world as much as I care about going back to bed in the evening feeling like I’ve done something wonderful. Steve Jobs
Praise be to God, Lord of the Worlds, who achieved with us the three ascending goals of 1951, 1969, and 1986 by achieving the conditions mentioned in the previous analysis. We mentioned that the level of the main descending channel, the highest at 1933, is very, very important, and breaking it means that the path is clear for gold to reach the relative level at 1969. Gold was also able to break the relative level to be The target for gold is at the 2001 level, as we mentioned in the previous analysis.
Gold formed a weekly bottom at the 1908 level, after which it formed a peak at the 1997 level and a weekly close at the 1981.5 level.
The average daily price movement last week was exactly the same as the previous week at 0.741%.
In such a case, when the kinetic rate matches, a violent upward force always occurs, and this is what is called in algebra (the greatest common multiplier), especially if the situation in the Middle East continues as it is.
This is on the technical level for last week
At the level of inverse and direct relationships according to the law of price elasticity of demand
1-A wholesale rise in US Treasury bond futures yields, as they rose
US02Y. 0.019%
US05Y. 0.221%
US10Y. 0.306%
US20Y. 0.323%
US30Y. 0.327%
According to the equation between bond futures yields and gold prices
The 2059 level is very, very important for gold this week
The parallel price will be at the 2023 level
2- An increase last week of 0.192%
According to the equation between oil prices and gold prices
The 2006 level is very, very important for gold this week
The parallel price will be at the 1969 level
3- Decrease by 0.0423%
According to the equation between the dollar index and gold
The 2023 level is very, very important for gold this week
The parallel price will be at the 1989 level
As for the basic level of last week
1- The war and its repercussions are the main driver of gold and oil prices and the decline of indices in general.
2- The speech of Uncle Powell, Chairman of the US Federal Reserve, had an impact
A- Geopolitical tensions directly pose major risks to the US economy.
B- Monetary tightening by the Federal Reserve could have a negative impact on banks, companies, and the economy in general
T- The inflation rate is still very high and far from the Fed’s target.
C- Labor markets lose their strength with the Federal Reserve’s monetary tightening.
Through what Uncle Powell mentioned, most analysts confirmed that the Fed will not resort to raising the interest rate in the next stage, but there is a contradiction between Powell’s speech and the committee meeting two weeks ago, where a third of the committee members confirmed their agreement to raise the interest rate in the meeting scheduled for November 1st. Current year. The data and reports up to that time make us guess whether there will be an upcoming hike or whether the Federal Reserve will fix the interest rate at the current rate.
We have big news this week
1-New home sales
2- A speech by Uncle Powell, Chairman of the US Federal Reserve
3-Gross domestic product on a monthly basis
4- Durable goods orders on a monthly basis
5- Pending home sales on a monthly basis
6- The European Central Bank’s interest rate decision (a slight impact on metal markets, but it has a direct impact on everything related to the euro)
Conclusion in technical analysis
Gold breaking the 2006 level, which is the resulting level according to the law of price elasticity of demand, and holding a daily candle above it will be bullish targets.
2023
2041
2059
However, if gold is able to break the 1969 level, which is the relative level of gold, and a daily candle remains stable below it, the targets will be bearish.
1952
1933
1913
1894
A very, very important note: If there is a calm in the Middle East, watch for a very strong bearish explosion this week that could reach $150.
This analysis is a personal opinion and has nothing to do with a buy or sell recommendation
You can follow the daily movement on my cases using the numbers mentioned in my profile
Finally, advice to all friends and followers
Trading is a craft like any other craft that has foundations, rules and conditions. You cannot make profits from it simply by pressing the buy or sell button, or taking recommendations from channels and walking among the herd, if you are not familiar with all its details and know very well who you will enter into the deal and where you will exit it. Whether it is profit or loss, to read the news well, to be familiar with all market movements over the long and short time, to know well what technical analysis is, to have cool nerves, and to be firm in managing capital regardless of its size.
My advice to you, my dear brother, is to get out of this field with the least possible loss that could affect your financial, health, and social life at the same time, especially for people who spend their years in this field.
Good week everyone
Support and resistance levels for this week on the daily basis We confirmed that gold is rising strongly to these levels
2023-10-21 14:54:00
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