XAUUSD [ MID-TERM ]
Updated
Taking a short position at 1957.75 with position as shown.
Could see this going back down to 1940s zone as DXY seems oversold, expecting some retracement on DXY which might result in the following scenarios to breakout.
Ideally, I am expecting scenario 3 to playout. From there, I might look at opportunities to go long.
Could see this going back down to 1940s zone as DXY seems oversold, expecting some retracement on DXY which might result in the following scenarios to breakout.
Ideally, I am expecting scenario 3 to playout. From there, I might look at opportunities to go long.
Trade closed: stop reached
My bias remains the same. Still expecting prices to come back down to highlighted levels with DXY bottoming out at current levels. Within an hour of the PPI data now, depending on how this prints will affect the DXY.
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Personally feel that the market has overreacted to the CPI news, and has already priced in a soft PPI print hence we may be in a " Buy the rumour, sell the news " situation.
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