⚡️ MACRO INFORMATION:
👉 Gold prices erased Tuesday's gains following November CPI news, while traders focused on the key Fed policy meeting for additional monetary policy concerns.
👉 The entire market spotlight will be on the Fed's two-day policy meeting on Wednesday when the central bank decides on interest rates and releases project summary economic reports.
According to general forecasts, the Fed will hold interest rates this week, with about an 80% chance of a rate cut next May, CME's FedWatch tool has found. More refined has gold guide support.
👉 Commenting on gold in the long term, in its 2024 outlook report, Heraeus Metals emphasized the possibility of an economic recession next year. If the scenario plays out, the USD could weaken and that would help push gold prices to new highs. The company forecasts that gold will trade between $1,880 and $2,250 per ounce in 2024.
⚡️ TECHNICAL COMMENTARY:
👉 Today's gold price closed a red candle and had a long candle, this shows that sellers are overwhelming buyers, but there has been quite a quiet dispute. Today we expect the price to recover so we can continue to sell.
👉 According to the indicator set, the price in the daily frame and H4 PHP frame has reached the oversold zone, h1 has a PHP range.
👉Make a trading plan:
🔼 Buy Gold: 1968x – 1966x
SL 1963
City 1975 -1987
🔽 Selling Gold: 1995x - 1997x
SL 2001
City 1989 – 1982 -1970