Today's gold trading strategy
The $2,000 level below current prices represents an important support zone that could serve as a strong "bottom" for the market.
However, be aware that reaching this level may not be easy.The release of the Core PCE Price Index, expected on Thursday, could cause significant movements in the market.Index This is the Federal Reserve's preferred indicator and could lead to profit taking in the gold market given the recent explosive rally in the gold market. Recently, we have been faced with statements quickly from the Federal Reserve, further exacerbating an already volatile market environment.
The Fed has developed a knack for fumbling with the ball and is often slow to adjust monetary policy. A recession may be on the horizon and it remains to be seen how long it will take the Fed to change its stance. As it stands Now, the simplest interpretation of this chart suggests that we have entered “too far, too fast” territory. Value has to be achieved somehow.
After all, the recent development of the gold price is characterized by a rapid increase and significant resistance levels. Although indicators point to the possibility of a decline in prices, I do not recommend selling at this time.The The interaction between the US dollar and gold remains an important trend to watch and the $2,000 level could act as a strong support zone. However, the release of the core PCE price index is upcoming. The associated level of uncertainty and indecision from the Fed is adding to the turmoil in the markets. Given the recent acceleration, the prevailing view is that a correction may be imminent. However , gold still looks bullish in the long term.
Gold on the H4 stochastic frame is falling very strongly but gold is going up, RSI has left the overbought area and so has the stochastic, the histogram is also falling. On the H1 frame, stochastic is going up. On the D1 frame, stochastic is still in the overbought area, the histogram is growing high again, RSI is still in the overbought area, so our trading strategy today will be:
GOLD XAUUSD SELL LIMIT 2044 - 2046
✔️TP1: 2039
✔️TP2: 2034
🚫SL: 2053
However, be aware that reaching this level may not be easy.The release of the Core PCE Price Index, expected on Thursday, could cause significant movements in the market.Index This is the Federal Reserve's preferred indicator and could lead to profit taking in the gold market given the recent explosive rally in the gold market. Recently, we have been faced with statements quickly from the Federal Reserve, further exacerbating an already volatile market environment.
The Fed has developed a knack for fumbling with the ball and is often slow to adjust monetary policy. A recession may be on the horizon and it remains to be seen how long it will take the Fed to change its stance. As it stands Now, the simplest interpretation of this chart suggests that we have entered “too far, too fast” territory. Value has to be achieved somehow.
After all, the recent development of the gold price is characterized by a rapid increase and significant resistance levels. Although indicators point to the possibility of a decline in prices, I do not recommend selling at this time.The The interaction between the US dollar and gold remains an important trend to watch and the $2,000 level could act as a strong support zone. However, the release of the core PCE price index is upcoming. The associated level of uncertainty and indecision from the Fed is adding to the turmoil in the markets. Given the recent acceleration, the prevailing view is that a correction may be imminent. However , gold still looks bullish in the long term.
Gold on the H4 stochastic frame is falling very strongly but gold is going up, RSI has left the overbought area and so has the stochastic, the histogram is also falling. On the H1 frame, stochastic is going up. On the D1 frame, stochastic is still in the overbought area, the histogram is growing high again, RSI is still in the overbought area, so our trading strategy today will be:
GOLD XAUUSD SELL LIMIT 2044 - 2046✔️TP1: 2039
✔️TP2: 2034
🚫SL: 2053
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