GOLD PRICE OUTLOOK:
Gold price has been bullish since the beginning of February 2022, creating higher highs and higher lows while taking out previous highs that were created in January 2022 and price rallied towards November2021 highs and got rejected. Daily candle Got rejected at 1870 Retraced to retest 1847 and closed above 1850.
While the longer-term fundamental backdrop for gold prices remains suspect, the more immediate prospect of a Russian invasion of Ukraine is stoking a shift to safe havens. If price breaks above 1870, I Anticipate price continue with the bullish trend creating new highs heading towards the 1900-1916 area which is a strong demand area.
FOMC Meeting Minutes
With FOMC Meeting Minutes on wednesday (16 Feb 2022) I anticipate Gold price to consolidate for most of the 3 sessions until the news event.
Gold price has been bullish since the beginning of February 2022, creating higher highs and higher lows while taking out previous highs that were created in January 2022 and price rallied towards November2021 highs and got rejected. Daily candle Got rejected at 1870 Retraced to retest 1847 and closed above 1850.
While the longer-term fundamental backdrop for gold prices remains suspect, the more immediate prospect of a Russian invasion of Ukraine is stoking a shift to safe havens. If price breaks above 1870, I Anticipate price continue with the bullish trend creating new highs heading towards the 1900-1916 area which is a strong demand area.
FOMC Meeting Minutes
With FOMC Meeting Minutes on wednesday (16 Feb 2022) I anticipate Gold price to consolidate for most of the 3 sessions until the news event.