Today's GOLD trading strategy
Updated
Yesterday, gold prices' big movements were mainly seen in the first 30 minutes of the Asian session. The price climbed $10. And in the U.S. session, due to risk aversion, XAUUSD also rose $10. Bulls were relatively strong. However, the optimistic expectations for rate cuts still need to be verified or falsified by the December key data. Currently, the risk aversion sentiment is a more important factor. It may gradually fade, but in trading, we need to see what happened rather than guessing. Don't trade in advance.
Currently, bulls are strong, but the price still cannot break above the 2090-2095 range. If there is no big stimulus, it will be difficult to rise above that range in the near future. If the price of gold enter that area, it may be a good selling opportunity.
Technical analysis on the 1D frame stochastic is in the overbought area, but RSI is not in the overbought area, the histogram has begun to grow higher, on the H4 frame stochastic has been in the overbought area for a long time, RSI has entered the Overbought area, on the weekly chart stochastic is falling very strongly so gold is likely to decrease.
Currently, bulls are strong, but the price still cannot break above the 2090-2095 range. If there is no big stimulus, it will be difficult to rise above that range in the near future. If the price of gold enter that area, it may be a good selling opportunity.
Technical analysis on the 1D frame stochastic is in the overbought area, but RSI is not in the overbought area, the histogram has begun to grow higher, on the H4 frame stochastic has been in the overbought area for a long time, RSI has entered the Overbought area, on the weekly chart stochastic is falling very strongly so gold is likely to decrease.
Note
XAUUSD SELL 2088 - 2090✔️TP1: 2083
✔️TP2: 2078
🚫SL: 2095
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