So, among all the central bank, TDS was spot-on in their 75 bps expectation. The follow-up press briefing and Q&A by Chairman Powell did not move markets like I would like, but I think I will still get my target entry on Silver at 20-50-40Greetings everybody,
So, Gold shows the pullback that we've discussed recently and 1840 resistance has been touched. In general, daily picture stands the same and we still consider downside continuation in near term. But, we have few tactical details on intraday charts that we need to consider, as it relates to position taking tactics:
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On 4H chart market is coiling around predefined resistance, but recent jump was strong enough and could let gold to move slightly higher. It doesn't change the overall trading plan, but makes us to be careful with some details.
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It is obviously resistance exists around 1840 area, but upside action was strong. Now the pullback also stands a bit slow, which makes us think that Gold could try to complete upside AB=CD target. Thus, if you plan the short entry, it would be better to either wait for AB-CD completion around 1850$ resistance, or, split position at least and not sell total position right now. Take 30% if you want, but keep the rest for the case of upward continuation.
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As reported by Reuters today, Thursday 16-June 2022, Russian chief negotiator said on that Russia is ready to hold peace talks with Ukraine but added that they are yet to receive a response to their proposals from Kyiv, These comments don't seem to be having a noticeable impact on risk sentiment during the European trading hours. However, I think that will have an impact on precious metals especially against the US$ recent 50+75bps rate hikes with further 50-75 bps rate hike expected near end July 2022. Wall Street's main indexes are likely to open deep in negative territory today.