Gold Gold Daily Video, August 31, 2023

[Sive Morten]

Good morning,

Gold hits our target and now stands around strong resistance area. We're watching for pullback now at least to ~1920 area to consider another long entry:

 

[davedubai]

Closing at 1942.46 will create a Doji ..The 1920 seems very likely next week but 1933 on deep dive during Data release tomorrow
Closing above 1946 will keep bears illusive.
Thanks Sive to the Daily Videos

 

[Ependyo]

I'm full buy on Gold. the last fall in my opinion was just a consolidation and will continue its bullish path. what do you think?

 

[Sive Morten]

I'm full buy on Gold. the last fall in my opinion was just a consolidation and will continue its bullish path. what do you think?

Well, depending on time perspective that we're talking about. In a perspective of a year, (and if nothing will change on global arena), we suggest that gold remain under pressure. Because of high rates and US-China divorce will trigger demand for USD. After that, closer to 2025 we expect sharp reversal and new rally on Gold market. We explained this in our recent weekly report, actually.

In shorter-term perspective, on a background of good GDP, drop in employment - yes, Gold could proceed higher. Especially if we get poor NFP report. Now it is a time when "bad news" actually is a "good news" as market treats it.