Gold Futures have formed a ‘Golden Saucer’ in a monthly chart, and currently, surface-tension due to overflow could push Gold Futures out of the ‘Golden Saucer.’
There is no doubt that Gold Futures are still in an uptrend, but a Fed-induced pullback could trigger profit-taking towards the $1,940 region. If the Gold Futures do not break the $2000 level after the dust settles from the Fed policy meeting, bullion traders may tentatively want to run for the sidelines.
On the other hand, the prevailing weakness in the dollar could continue to provide strong support to bullish sentiments in Gold during the upcoming weeks.
Disclaimer
1. This content is for information and educational purposes only and should not be considered as investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital be involved which you are prepared to lose.
2. Remember, YOU push the buy button and the sell button. Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from an investment and/or tax professional before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.
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Gold Could See Sudden Meltdown, While Attempting $2000 Level
Published 08/02/2020, 07:25 AM
Updated 07/09/2023, 06:31 AM
Gold Could See Sudden Meltdown, While Attempting $2000 Level
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