Simple and short analysis:
Gold prices have been hovering in the $1930-$1970 per ounce range for the past month.
The overall trend this year is definitely bullish.
We see that the price dropped trough a major support area the last few days.
We can see this as a breakout and thus a sign that the price is going to continue on the bearish path.
However, I personally don't see reasons why gold prices should fall. Still risk of a major financial crisis, still banks in trouble, still war going on, all the extra printed money still in circulation.
A reason may be that FED paused with raising interest rates but this is already calculated in the price right now.
I think this 'breakout' trough support is a stop hunt to wipeout most buyers so the big banks and institutional traders can drive price up while having enough liquidity.
I give daily ideas about market analysis, trading psychology and trading in general.
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@yorick7878
I wish you all good trading!
Gold prices have been hovering in the $1930-$1970 per ounce range for the past month.
The overall trend this year is definitely bullish.
We see that the price dropped trough a major support area the last few days.
We can see this as a breakout and thus a sign that the price is going to continue on the bearish path.
However, I personally don't see reasons why gold prices should fall. Still risk of a major financial crisis, still banks in trouble, still war going on, all the extra printed money still in circulation.
A reason may be that FED paused with raising interest rates but this is already calculated in the price right now.
I think this 'breakout' trough support is a stop hunt to wipeout most buyers so the big banks and institutional traders can drive price up while having enough liquidity.
I give daily ideas about market analysis, trading psychology and trading in general.
❤️ If you appreciate my work, please like, comment, follow and send to someone you think should read this. ❤️
If you don't then don't! :)
@yorick7878
I wish you all good trading!