Macroeconomic Overview
Gold broke the 1680 support and regressed to 1655.
On Tuesday, inflation data came 0.2 points higher than expected.
During the week, sales were dominant in the global markets.
Although inflation is the number one agenda in the world, I think the number one agenda in 2023 year will be recession and unemployment.
But for now, the eyes of the markets are closed to this side.
In the next week, there are announcements of the central banks, especially the FED, and interest rate decisions.
When We Examine the Price Chart on a Weekly Basis
We are in a 5 wave downtrend starting from 2075 (internal count of this wave has been updated)
If the 5th wave is as long as the 1st wave, the price target is $1625.
ABCD formation in the last 5-wave bearish movement is 1.272 fibonachi target at $1625.
The 0.5 fibonachi level of the II-III super cycle bullish is $1625.
We will clearly understand at what level the price returns after the FED next week.
Gold broke the 1680 support and regressed to 1655.
On Tuesday, inflation data came 0.2 points higher than expected.
During the week, sales were dominant in the global markets.
Although inflation is the number one agenda in the world, I think the number one agenda in 2023 year will be recession and unemployment.
But for now, the eyes of the markets are closed to this side.
In the next week, there are announcements of the central banks, especially the FED, and interest rate decisions.
When We Examine the Price Chart on a Weekly Basis
We are in a 5 wave downtrend starting from 2075 (internal count of this wave has been updated)
If the 5th wave is as long as the 1st wave, the price target is $1625.
ABCD formation in the last 5-wave bearish movement is 1.272 fibonachi target at $1625.
The 0.5 fibonachi level of the II-III super cycle bullish is $1625.
We will clearly understand at what level the price returns after the FED next week.
