Technical analysis for xauusd for today, strong selling trend
Updated
- Fundamental analysis:
Yesterday, after the US economic data was released, gold fell 20% from 1975 to 1955. It's not surprising that PPI is worse than expected since CPI was low before. Retail sales still exceeded most expectations, showing that the U.S. economy remains strong. This causes the US dollar to rise and gold to fall. There is currently a 100% chance that the Fed will keep interest rates unchanged in December. Fed officials also believe the tightening process should end soon. This is a very positive signal for the economy
There are no important economic indicators announced today. Gold prices will continue to process the data released yesterday. - Technical analysis:
Gold maintains good selling pressure after overnight decline. Today we will prioritize selling soup.
ENTRY SELL: 1958-1962(STOP: 1978)
Target date: 1932
Far target: 1900
- H4 is following a bearish cycle. Yesterday, Gold had a slight increase, but the price could not hold steady when PPI news appeared with a lot of good data for USD. Immediately after that, Gold had a sharp decline, returning to the lowest price of the day at 1955$. /Ounce
- Traders can sell around the current price range or wait for a slight rebound during the day.
- Wishing all Traders a very productive trading day
Yesterday, after the US economic data was released, gold fell 20% from 1975 to 1955. It's not surprising that PPI is worse than expected since CPI was low before. Retail sales still exceeded most expectations, showing that the U.S. economy remains strong. This causes the US dollar to rise and gold to fall. There is currently a 100% chance that the Fed will keep interest rates unchanged in December. Fed officials also believe the tightening process should end soon. This is a very positive signal for the economy
There are no important economic indicators announced today. Gold prices will continue to process the data released yesterday. - Technical analysis:
Gold maintains good selling pressure after overnight decline. Today we will prioritize selling soup.
ENTRY SELL: 1958-1962(STOP: 1978)
Target date: 1932
Far target: 1900
- H4 is following a bearish cycle. Yesterday, Gold had a slight increase, but the price could not hold steady when PPI news appeared with a lot of good data for USD. Immediately after that, Gold had a sharp decline, returning to the lowest price of the day at 1955$. /Ounce
- Traders can sell around the current price range or wait for a slight rebound during the day.
- Wishing all Traders a very productive trading day
Note
sell 1962-1965tp 1957
tp2 1950
sl1970
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