A return to the strong trend line in green
Price has risen well above this trend line that is still important
Trend Line extends all the way back to beginning.
A recession will ensue if a move like this occurs.
I have hopes that crypto and rare metals will act as a hedge against the falling SPX.
On the market, the price of gold ended the week with a 0.02% increase, equivalent to a $0.29 rise per ounce, reaching $1,888.54.
The decrease in the value of the US dollar by 0.2% helped limit the decline in gold prices during this session and made it cheaper for those holding other currencies.
The Federal Reserve's cautious stance may provide some relief for gold prices next week as they remain at their lowest point in five months.
Concerns are growing that in its efforts to combat inflation, the Fed will keep interest rates high for longer than expected, causing significant damage to gold as it ends this week near its lowest point in five months.
Despite optimism that gold could regain its shine by year-end, analysts warn that there have been significant short-term technical losses and precious metal prices are likely to continue declining next week.
Although I am not so bullish on Metal sector overall but Kalyani steel has made a beautiful cup & handle/Rounding bottom formation on weekly time frame which got me interested. Also this week Kalyani steel has given all time high weekly close at 471 and if price manage to give 2 close above 472 then upside targets for me would be 1) 574 2) 628 3) 705 4) 849. Once 628 is crossed I will bring my SL either at cost or 574 to mitigate risk. Below 376 it will become weak. Keep eyes on this stock
