XAUUSD:
Looking at the 1 hour chart, GOLD is trading inside a falling wedge -a bullish continuation pattern- at the same time rejecting important resistance zone being the 61.8% Fibonacci retracement.
Two possible bullish senarios for GOLD:
1) if 1660$ zone holds, we might see a breakout above the mentioned wedge targeting 1700$
2) we might see one more leg down retesting the resistance line of the falling wedge, at the same time testing the 78.6% Fibonacci retracement before starting its bullish move.
Investors can start placing long positions between 1660$-1640$ targeting 1700$ levels with an invalidation near 1635$
From a fundamental perspective, the market is waiting for an important news this week -inflation data- where economists are expecting a decline in core cpi for September.
A decline in inflation data this week will confirm our bullish senario on GOLD.
All eyes on inflation!
Two possible bullish senarios for GOLD:
1) if 1660$ zone holds, we might see a breakout above the mentioned wedge targeting 1700$
2) we might see one more leg down retesting the resistance line of the falling wedge, at the same time testing the 78.6% Fibonacci retracement before starting its bullish move.
Investors can start placing long positions between 1660$-1640$ targeting 1700$ levels with an invalidation near 1635$
From a fundamental perspective, the market is waiting for an important news this week -inflation data- where economists are expecting a decline in core cpi for September.
A decline in inflation data this week will confirm our bullish senario on GOLD.
All eyes on inflation!
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