Alina Haynes
Sep 16, 2022 14:51
"The story of substantial Fed rate rise expectations in the coming months may continue to play out this Friday, while gold traders may profit from excessive selling and position re-adjustments ahead of next week's FOMC decision,"
"Gold closed below the rising trendline support, then at $1,693, confirming an inverted cup-and-handle configuration." Bears might target the $1,650 psychological level following a breach below the previous day's low of $1,660 should selling pressure pick up again.
"On the other hand, the recovery will require acceptance above the 2022 low of $1,681, over which $1,691 will be tested. The level of $1,700 will be the next obstacle to the upside on the road to recovery."
Sep 16, 2022 14:47