GOLD TECHNICAL AND FUNDAMENTAL ANALYSIS DATED 05/12/2022
We have been following Jerome Powell's neutral to dovish speech Jerome Powell didn't bring any new. Hawkish events to the table and did even had some discussion regarding rate slowdown
turning gold bullish, even though we had some good labor market data at the end of the week with some optimistic PMI but that sentiment too got faded out very quickly as it just led to some pullbacks
for a better buy zone Jerome Powell's neutral to dovish stance still holds the most weight to the market.
So we do not have any fundamental or technical reason to sell gold.
Trade set upt as stated in the charts.
Pullback buys - 1795, 1789 , 1781
Breakout buys - 1809 break and back test
Short term sells - 1722-1725
breakout sells -break below 1777
turning gold bullish, even though we had some good labor market data at the end of the week with some optimistic PMI but that sentiment too got faded out very quickly as it just led to some pullbacks
for a better buy zone Jerome Powell's neutral to dovish stance still holds the most weight to the market.
So we do not have any fundamental or technical reason to sell gold.
Trade set upt as stated in the charts.
Pullback buys - 1795, 1789 , 1781
Breakout buys - 1809 break and back test
Short term sells - 1722-1725
breakout sells -break below 1777
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