Gold prices decline after reaching $2000 yesterday as banking fears ease
Yesterday gold futures surged to the highest value of 2023, however after trading to a high of $2014 gold basis is most active April 2023 contract closed well below the intraday high. The high achieved yesterday was not only unsustainable on Monday but led to a deep price decline today. Gold futures are currently trading off by 1.98% or $39.20 taking the most active contract to $1943.60.
The Fed began its today FOMC meeting today which will conclude tomorrow. According to the CME's FedWatch tool, there is an 87.1% probability that the Federal Reserve will raise rates by 25-bps or ¼%, with a 12.9% probability that the Federal Reserve will pause and announce that they are not raising rates higher this month.
On Friday gold futures closed at $1972 in New York trading, however during the remainder of Globex trading which ends at 6:00 PM EST on Friday gold traded above $1990. This was a net gain of approximately $70 on the day. This was followed by yesterday's new record yearly high at $2014. However, the Japanese candlestick that formed yesterday contained a very small real body , with exaggerated upper and lower wicks .
This type of Japanese candlestick is called a"doji" or a star when it gaps above the real body of the Japanese candlestick that occurs before it. If there is a gap between formed after the star it creates a Japanese candlestick pattern labeled as a"Three River Evening Star". The"Three River Evening Star" is a Japanese candlestick pattern composed of three candles. The criteria for proper identification of this pattern occurs only when a stock or commodity is in an uptrend. This reversal pattern begins with a long green candle , followed by a star that gaps away from the green body, and the third day is a long red candlestick that must gap below the body of the star.
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