Gold has been linked to the fortunes of the USD and been relentlessly sold as the USD moved up to disappoint both gold bugs and inflation hedgers. Following on from a previous post (Trading View ‘Gold Looks Weak and Set for a major move lower‘), Spot Gold is now down on Daily support and the USD may have found a high if the US Fed Reserve get serious about inflation and become more aggressive on interest rate rises.
Below is the daily chart of the recent price action. Watching Gold now to find some buyers and potentially squeeze out some of those pesky shorts. Preferred price action is for a flush of support and then a higher low.
Remember, if you have not signed up for the FREE SUBSCRIPTION…time sign up here now!!
Feel free to email any questions that you may have to email@example.com
PS Take a look at the YouTube Channel Here and remember to subscribe if you have not already!!
Join Our TRADERS HUB DISCORD CHANNEL for updates and trade ideas (email firstname.lastname@example.org for the link)
Spot Gold Daily Chart
Disclaimer: the contents of this post are presented for informational purposes only. They should not be viewed as investment advice, nor a solicitation to buy or sell any financial securities. Investments in financial products are subject to market risk. Some financial products, such as currency exchange, futures, contracts for difference, options and warrants are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. Trading currency exchange, futures, contracts for difference, stocks, shares, options and warrants on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in currency exchange, futures, contracts for difference, options, stocks, shares and warrants you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with currency exchange, futures, contracts for difference, options, stocks, shares and warrants trading, and seek advice from an independent financial advisor if you have any doubts.