GOLD - Wait to buy gold at confluence
Updated
The price of gold has experienced a decline due to the increasing strength of the US dollar. This morning, the US Dollar Index reached over 103 points, making gold less appealing to investors.
Since interest rates have not decreased, investors are choosing to withdraw their capital from gold and invest in other areas such as bonds and securities. As a result, it is expected that gold prices will continue to decrease in the near future.
Based on technical analysis charts, it can be observed that gold is still following a corrective downtrend and remains parallel to this downward trend. Therefore, we should wait for an opportunity to buy when there is a convergence of trend and key levels towards the end of H4.
Since interest rates have not decreased, investors are choosing to withdraw their capital from gold and invest in other areas such as bonds and securities. As a result, it is expected that gold prices will continue to decrease in the near future.
Based on technical analysis charts, it can be observed that gold is still following a corrective downtrend and remains parallel to this downward trend. Therefore, we should wait for an opportunity to buy when there is a convergence of trend and key levels towards the end of H4.
Note
XAUUSD BUY zone 1904 - 1902SL 1899
TP 1920
Note
GOLD buy scalp
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