Gold prices pulled back on Thursday as bullish momentum eased following the Federal Reserve's (Fed) recent monetary policy decision and rising tensions in the Middle East. The XAU/USD pair is trading at $3,042, down by more than 0.19%.
Market sentiment has shifted to the downside, while the US Dollar is rebounding, as reflected in the US Dollar Index (DXY), which measures the greenback's performance against a basket of six major currencies.
Despite the Fed keeping interest rates steady at the 4.25%–4.50% range for the second consecutive meeting and announcing a slower pace of quantitative tightening (QT), gold traders were unable to push prices higher.
Personal analysis:
Gold is set for a short-term correction today after a series of gains, and bulls are pausing to monitor the next impetus that could boost gold prices.
Daily RSI shows signs of decline after gold enters overbought zone 74
Based on important resistance - support levels and Fibonacci combined with EMA to come up with a suitable strategy
Resistance zone: 3047 - 3056 - 3070
Support zone: 3025 - 3020 - 3002
Plan:
🔆Price Zone Setup:
👉Sell Gold 3057- 3059
❌SL: 3063 | ✅TP: 3052 - 3047 - 3040
👉Sell Gold 3040- 3042(Scalping)
❌SL: 3047 | ✅TP: 3039 – 3036 – 3030
👉Buy Gold 3024- 3026 (Scalping)
❌SL: 3018 | ✅TP: 3029 – 3032 – 3037
👉Buy Gold 3003- 3000
❌SL: 2996 | ✅TP: 3008 – 3013 – 3020
FM wishes you a successful trading day 💰💰💰
Market sentiment has shifted to the downside, while the US Dollar is rebounding, as reflected in the US Dollar Index (DXY), which measures the greenback's performance against a basket of six major currencies.
Despite the Fed keeping interest rates steady at the 4.25%–4.50% range for the second consecutive meeting and announcing a slower pace of quantitative tightening (QT), gold traders were unable to push prices higher.
Personal analysis:
Gold is set for a short-term correction today after a series of gains, and bulls are pausing to monitor the next impetus that could boost gold prices.
Daily RSI shows signs of decline after gold enters overbought zone 74
Based on important resistance - support levels and Fibonacci combined with EMA to come up with a suitable strategy
Resistance zone: 3047 - 3056 - 3070
Support zone: 3025 - 3020 - 3002
Plan:
🔆Price Zone Setup:
👉Sell Gold 3057- 3059
❌SL: 3063 | ✅TP: 3052 - 3047 - 3040
👉Sell Gold 3040- 3042(Scalping)
❌SL: 3047 | ✅TP: 3039 – 3036 – 3030
👉Buy Gold 3024- 3026 (Scalping)
❌SL: 3018 | ✅TP: 3029 – 3032 – 3037
👉Buy Gold 3003- 3000
❌SL: 2996 | ✅TP: 3008 – 3013 – 3020
FM wishes you a successful trading day 💰💰💰
Trade active
check goldHIt +50 pips from buy 3024
congratulatiion 💰💰💰
Note
Check again HIt + 90 pips from 3024
Great buy
Note
Market as per original plan, Target reaches TP 3037Max profit +130 pips
Congratulations
Trade closed: target reached
FM was waiting for a better position at 3040 to sell but only got to 3038 and crashed,missed 20 pips to enter the trade
missed 80 pips of profit
what a pity
Anyway, the plan is on track
Note
Crash to 3008Sell Big
Note
Hit + 60 pips fr0m buy 3000Big win today
Note
Hit + 90 pips from Buy 3000Great Buy 00 - 03
Note
HIt + 160 pips from Buy 3000💰💰💰Note
HIt +230 pips
✅ t.me/+Y9T5_BwC7_JhMWM1
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✅ t.me/+Y9T5_BwC7_JhMWM1
Join now !!!!
Channel: signals - knowledge and FOREX comments
Join now !!!!
Channel: signals - knowledge and FOREX comments
Related publications
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.