-Gold stayed Range bound on friday following a brief rally earlier (caused by the lower
CPI earlier this week) as lower unemployment claims and a rise in consumer confidence
gave the Fed space to Hike rates further
-As Fed Chair Powell sticks to hawkish rhetoric, a July rate hike is expected, furthermore as
per CME Group, the rally this week was accommodated by a stagnant open interest, so coming
week we can expect gold to make healthy retracement to the downside to test the key
1930-1936 zone (2nd Contingent Key level of 1920), before continuing its uptrend. (as shown
in the exhibit below)
-(Going forward In the short term, From the Price Action perspective) as per the exhibit above
we can see two relative equal highs having Sell side liquidity (Marked in green lines) waiting to
be raided as gold goes to test the $2000 Mark (which is a key psychological level in
confluence with a 4H Imbalance and a Premium Fib Golden Zone 0.5 - 0.618 From its ATH of
$2080 To Current support of $1893) at which point we can expect to see initiation of selling
activity and take profits accordingly.
If Gold is not able to hold the crucial contingent level of $1920 in the coming week, buying
should be avoided.
https://www.tradingview.com/chart/XAUUSD/Nd6qbLl6-Gold-Analysis/