Gold is running toward its target, Since the beginning of Sep 2019, and Gold is facing strong sell-off positions from the traders.
GOLD Sell-Off was due to many reasons:
- Brexit relieve, where traders were optimistics regarding Brexit deal.
- Trade war calm, 15 days ago when trump announced the partial deal with China.
- Job reports from the US which let the rate cut forecast during next week are less likely.
But today everything is moving upside down. Where the forecast of FED rate cut next week getting higher to hit 75%.
so as long as the Rate cut is still continued from US we will see a big push for Gold to hit the target of $1630 – $1680.
Brexit deal still facing dramatic refuse from House Of Commons, which lead Boris Johnson to seek for election on 13th of Dec.
Gold seems to start last leg high from the correction of the lowest price in Aug 2018.
Break above major down trend line which also gives another strong push for Gold.
Where there is an inverted Head and Shoulders pattern on 4 hours chart, give more indication for Gold Rally.