XAUUSD Has gold reached the bottom?
Updated
🔸 Yesterday, the gold price touched 1900 and in the past, the price had reacted very strongly in this area.
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XAUUSD is hitting its downside target as selling momentum dries up.
🔸 On the one-hour chart, gold prices hold below the Moving Averages (EMA) of 34 and 89.
🔸 Meanwhile, the Relative Strength Index (RSI) is in the bearish zone below 50, triggering bearish momentum for gold prices.
🔸 If the bears find a foothold below the $1,900 support, a fresh sell-off to the August 21 low of $1,885 is possible.
🔷 I am considering a BuyXAUUSD strategy at entry 1895-1900
🔷 And a Sell strategy whenXAUUSD recovers at entry 1916-1918
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XAUUSD is hitting its downside target as selling momentum dries up.🔸 On the one-hour chart, gold prices hold below the Moving Averages (EMA) of 34 and 89.
🔸 Meanwhile, the Relative Strength Index (RSI) is in the bearish zone below 50, triggering bearish momentum for gold prices.
🔸 If the bears find a foothold below the $1,900 support, a fresh sell-off to the August 21 low of $1,885 is possible.
🔷 I am considering a Buy
XAUUSD strategy at entry 1895-1900🔷 And a Sell strategy when
XAUUSD recovers at entry 1916-1918Trade active
I'm consider Buy zone 1882-1885 SL 1880 and TP at 1900.
It is possible that the price will be tested a few times at the 1885 resistance before a recovery occurs
Trade active
🔸The worst situation is still happening, gold breaks out of the 1882-1882 resistance zone and approaches the 1872 price level.🔸I have made provisions for this case, but still hope for some traction so that gold can recover and escape its current abnormal state.
Trade active
Trade active
Inflation began to show signs of increasing, when auto workers in the US negotiated + went on strike (car prices increased).The FED is expected to be "hawkish".
Control inflation => interest rates
increase => DXY flies, Gold continues to fall.
The US government faces the risk of shutdown => USD skyrockets.
...
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