Price of gold might get stronger soon

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Earlier this week Many people believe strongly that the price of Gold is still on the bearish side and that they expect a lower price of gold before this week runs out..

Well yeah it is possible , it al depends on the psychology of the market at the moment..

Right now , the gold is trading at the price of $1673 and the current daily candle remains bullish..

The bull/bear power indicates that the bulls are still having the strength on the daily time-frame and so we might to see a further high price of gold in some hours from now..

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It is now obvious that the gold price have found a strong support at the price of $1644 and it keeps holding strong for now..

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I am waiting for the gold price to break above the $1677 and stay above that price, that would send gold price to around the $1700 price area...

Another factor which would also have an effect on the gold Market wouod be the expectations from the federal reserve meeting concerning raising the US interest rates , many are expecting it to be increased by another 75 basis points on Wednesday...Anything above this would trigger some kind of negative reactions on the market...

But let's keep our fingers crossed...

Posted Using LeoFinance Beta



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