Jump to content

Gold Price Forecast: Gold Grasps for 1700 Following Five-Week-Plunge


MongiIG

Recommended Posts

Jul 18, 2022 | DailyFX
James Stanley, Senior Strategist

GOLD TALKING POINTS:

  • After spending late-May and early-June in consolidation, Gold prices have plunged to fresh 11-month-lows during the current five-week sell-off.
  • Gold prices ran into the psychological level of 1700 last week but it’s the support a little lower, around 1673-1680, that looms large on the matter. A test below that zone leads to fresh two-year-lows.

Gold Price Forecast: Gold Grasps for 1700 Following Five-Week-Plunge

Gold prices have started the week with a bounce which, given the way last week went, is a bit of reprieve for bulls. Gold prices have been falling for over a month now, following the build of a rising wedge pattern in June that led to a strong and decisive bearish breakdown.

That breakdown finally started to find a bit of support last week at the psychological level of 1700, and as looked at in this week’s Technical Forecast, that can keep the door open for a bit of a bounce. The first zone of interest for that theme is already in-play, spanning from Fibonacci levels at 1723 and 1733.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,986
    • Total Posts
      95,309
    • Total Members
      43,595
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    pb8080
    Joined 22/09/23 16:31
  • Posts

    • Bitcoin and other major crypto experienced a dip in value on Thursday, erasing gains made earlier in the week. The decline came after the Federal Reserve signaled that interest rates would remain high for an extended period, with Bitcoin retreating 2.3% to $26.5K. Despite the bearish pressure,  the founder and CEO of Bitcoin joint mining company Xive,  Didar stated that the stagnant rate increase is positive for Bitcoin. He suggested that this could reduce the attractiveness of mainstream financial assets to institutional investors in the long term, potentially driving a new rally in Bitcoin's price. Major altcoins and exchange tokens also struggled on Thursday, with ETH changing hands at $1,585, down about 2.6% from Wednesday. Other altcoins such as BNB and BGB also experienced losses. Despite these challenges, some analysts believe that Bitcoin is likely to remain within its recent range between $25,000 and $30,000. Riyad from digital asset data platform Kaiko, noted that the market needs a catalyst to mount any serious rally.  What are your thoughts? 
    • Traditional banking systems served as the gatekeepers of financial services for long, dictating how people access loans, save, and invest in opportunities. Typically controlled by a centralized system with a single authority such as a bank or government in total charge, this centralization is limited by high fees, restricted accessibility and slow transaction speed. Dentralized finance, DeFi, got introduced as a blockchain-based financial system that removes intermediaries or central authorities, and utilizes smart contracts instead. By eliminating intermediaries, DeFi delivers core benefits like improved accessibility into the financial system for everyone having internet connection regardless of their location. DeFi is also valued for its transparency. While traditional banking system often deny customers audits on how their assets are being managed, DeFi, through the help of blockchain allows anyone access to tracking and auditing transactions, thereby raising trust. Furthermore, DeFi also offers various financial services and products like DEX, lending and borrowing, stablecoins etc, all known to proffer varied innovative solutions, while operating 24/7 in contrast to traditional finance. DeFi isn’t flawless as issues like insecurity, lack of consumer protection etc are still prevalent; however, the growth of DeFi has been impressive; since its introduction, the total value locked in DeFi protocols has grown significantly indicating that the demand for DeFi services is fast growing. DeFi seems to be redefining financial industry by offering an alternative to traditional banking systems. With the increasing adoption, can we expect to see an overhaul in the way we access financial services?        
    • Leverage is good but please use it according to your risk management system coz the higher the leverage the higher the risk, I trade my perpetual futures on Bitget tho, the exchange offers high leverage but I only use according to my risk management system.
×
×
  • Create New...
us