Verifying that the bears have weakened
Updated
Fundamental Analysis: Yesterday, the global gold moved in the range of 1971-1991 as several economic data from the United States were released, along with corresponding policies that align with the current economic situation in the US. According to the FOMC, the monetary policy remains unchanged at 5.5% during yesterday's meeting. Fed Chairman Jerome Powell stated that the long-term increase in interest rates needs to be maintained and encouraged. The market believes that the interest rate hike cycle has ended. This has supported the increase in gold prices after a drop to 1970. The market is now awaiting the Nonfarm report tomorrow.
Technical Analysis: After breaking above 1990, the price formed a long-term upward trend. However, even with the naked eye, we can see that the buying pressure failed to push the price higher. The next target would be a price of 1964 and further down to 1954 to test if the buying pressure has truly weakened.
Trading Plan: Buy Gold at 1977-1975 Stop Loss at 1972
Technical Analysis: After breaking above 1990, the price formed a long-term upward trend. However, even with the naked eye, we can see that the buying pressure failed to push the price higher. The next target would be a price of 1964 and further down to 1954 to test if the buying pressure has truly weakened.
Trading Plan: Buy Gold at 1977-1975 Stop Loss at 1972
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Note
+ 140 pips for this strategy
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