It cuts through the 2000 US sea and then drops as a kind of correction.
Sharp fluctuations witnessed in the markets last week due to the large number of accelerating events, including the Federal Reserve raising the interest rate by 25 basis points.
In the conference that followed the decision, the Fed clarified that they are sticking to raising the interest rate next time and have no intention to think about cutting interest rates until 2024, explaining that this came despite the US data that comes stronger than expected, but the specter of inflation is still high.
On the other hand, it seems that the fever of the American banking crisis, which negatively affected the stock market in general, was transferred to a German who was suffering from financial heat from Deutsche Bank, so that his name appeared as the latest major bank in the financial crisis.
Analysts and economic researchers also warned that the effects of the crisis have not cast a shadow on the economy yet, and that recovery may require time and will not be a quick recovery, especially with the flight of funds and hedging with income-generating assets or preserving the value of funds.
Technical analysis:
On W1, we notice signs of correction, and it is more evident on D1 with the presence of a negative candle that calls for more profit-taking operations, but the trend is still bullish and stability above $2000 an ounce is imminent, especially since we are only a few dollars away from it.
By looking at H4, we see the presence of a two-peaks pattern in the process of formation, and once the pattern is completed and achieved, we will see a negative wave that returns the ounce to the levels of 1888-1900 as a re-test, and thus the bulls enter the track to achieve what they aspire to.
In the event of events cascading down and the model failing, the first stop will be stability at $2,000 levels, and then completing the path to retest $2050 levels.
note:
What I publish is personal judgment and not a recommendation to buy or sell.