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💵Macroeconomic Outlook
After the Fed decision, sales dominated the markets.
For inflation to fall, commodity prices must fall.
The Fed is aware of this situation.
Commodity prices have a significant impact on inflation.
Currently, the product with the weakest outlook in the commodity market and with sellers is gold.
⏳When we examine the price chart in the daily term
After the price crossed the 1680 level, it created a coil movement.
This coil also broke down, thus backtesting the 1680 support level and leaving it behind.
If the support level is broken after the Cup Handle formation, the price is expected to progress by the amount of the cup or handle. This level is around 1555-1560.
Yet, the price continues to decline in a downtrend. It can be expected to receive an upward reaction from these levels. Even if the decline stops, it may take time for the price to recover.
💵Macroeconomic Outlook
After the Fed decision, sales dominated the markets.
For inflation to fall, commodity prices must fall.
The Fed is aware of this situation.
Commodity prices have a significant impact on inflation.
Currently, the product with the weakest outlook in the commodity market and with sellers is gold.
⏳When we examine the price chart in the daily term
After the price crossed the 1680 level, it created a coil movement.
This coil also broke down, thus backtesting the 1680 support level and leaving it behind.
If the support level is broken after the Cup Handle formation, the price is expected to progress by the amount of the cup or handle. This level is around 1555-1560.
Yet, the price continues to decline in a downtrend. It can be expected to receive an upward reaction from these levels. Even if the decline stops, it may take time for the price to recover.