Bears are taking advantage of bank profits and bulls are ready to break 2050 levels

2023-04-16 17:37:00

The financial scene is strongly at the forefront of breaking news. Gold today is different from the previous period. Currently, the world is living on a hot plate, and fears are increasing. There are reasons for the strong rise of gold, including:

– The Fed’s recent statements, including the failure to raise the white flag with regard to increasing interest rates.

– Negative US data toppled the US balance against a basket of other currencies.

Sudan’s recent events that made headlines.

– The increasing demand for safe havens with the approach of Eid Al-Fitr.

All of these reasons and more made the bulls touch 2050 levels twice, then rebounded to settle above $2000 levels.

On the other hand, the rise in the profits of the banking and financial services sector raised the fortunes of the dollar slightly, which put pressure on gold before the weekend, and its reflection was evident on the Arab stock exchanges today, Sunday, which began to breathe a little sigh of relief.

technically:

We notice an indication of a reversal on the weekly time frame, and the daily time frame coincides with a negative engulfing candle, which may be an incentive for bears to break 2000 levels and retest 1960 levels, and by breaking them, the selling pressures will continue until 1934, and may reach 1919, as is evident from the small time frames.

Seeing the bigger picture, the trend is still upward with integral elements, and any decline is a natural correction for the rise of an event amid sharp fluctuations, so there is an opportunity for lovers of saving and investing in gold by buying 24 karat gold bars in parts. As for speculators, we note that sales deals need study and accuracy in entering deals, and therefore The bulls will wait for the bears at the levels we mentioned until they show an opposite reaction to the advancement of gold, as breaking the 2050 levels has become very imminent.