About XAUUSD reached 2980Today, the XAU/USD market has experienced extremely sharp fluctuations. The price soared directly from 2936 to break through 2980.
Many traders who took short - term short positions have suffered full losses. I went short at 2944, but fortunately, I set a stop - loss (SL) at 2948.
Judging from the current trend, gold may break through the resistance level of 2990. Given the high risk of continuing to trade, I've decided to suspend trading today. Meanwhile, I also don't recommend that you get involved in gold trading at this moment.
In trading, we must have the courage to accept losses and admit defeat.
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Xasuusdsell
XAUUSD Today's strategyEconomic Data Expectations
The market will eye the U.S. CPI on Wednesday and PPI on Thursday. Per a Reuters survey, February's CPI is projected to rise 0.3%. Traders anticipate a Fed rate cut in June. Concerns over economic growth downside risks and rate cut expectations underpin the price of gold.
XAUUSD sell @2920-2925
tp: 2900-2905
XAUUSD Buy @2900-2905
tp: 2915-2920
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XAUUSD:Head and shoulders, short
At present, the market has reached the resistance level again. From the indicator point of view, there is still room for growth. For the time being, we will observe the 2277-2289 range. The support will first be around 2263, followed by 2256-2252.
If it falls below, consider around 2232. At that time, the pattern may be head and shoulders, which also means a sharp decline. For the rest of the week, the focus will be on Thursday’s NFP data. Once it is beneficial to the short side, it will fall below 2200.