Gold traded sideways yesterday also showing weakness in higher time frame.
after a series of mixed US data yesterday, we are expecting US dollar to stabilized again causing further weakness in gold.
Major data to consider today is Core PCE Price Index which is expected to be @ 0.5 a strong data will cause a further weakness in gold.
Also in the longer run the FED is expected to keep rising the interest rate because labor market is still strong enough to handle the high interest rate cycle .
Today's gold trading idea,
1680-1683 is strong resistance zone followed many time before, we will be looking to short from 1680-1683 targeting 1640-1642.
1673-1675 is another key rejection level, failed to break above before is another key level to short targeting 1640-1642.
any move above 1687, will be a buy opportunity however this action needs a strong fundamental catalyst like the worse than expected data.
1640-1642 is the short term support zone for long scaping.|
Below 1655 further weakness in gold and a downside breakout targeting 1640-1642.
after a series of mixed US data yesterday, we are expecting US dollar to stabilized again causing further weakness in gold.
Major data to consider today is Core PCE Price Index which is expected to be @ 0.5 a strong data will cause a further weakness in gold.
Also in the longer run the FED is expected to keep rising the interest rate because labor market is still strong enough to handle the high interest rate cycle .
Today's gold trading idea,
1680-1683 is strong resistance zone followed many time before, we will be looking to short from 1680-1683 targeting 1640-1642.
1673-1675 is another key rejection level, failed to break above before is another key level to short targeting 1640-1642.
any move above 1687, will be a buy opportunity however this action needs a strong fundamental catalyst like the worse than expected data.
1640-1642 is the short term support zone for long scaping.|
Below 1655 further weakness in gold and a downside breakout targeting 1640-1642.
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🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 FREE TELEGRAM CHANNEL: t.me/fxoverseas
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.