XAUUSD: Today’s trading strategy
Updated
DXY fell sharply after reaching a one-month high, falling sharply from above the 107.00 mark to around 106.30. This trend of a weakening US dollar caused the price of gold to rebound rapidly from the low point. Spot gold rose sharply from the low of 1969.80 after the Federal Reserve decision. From the announcement of the FOMC decision statement to the end of Powell's speech, gold fell first and then rose, basically recovering its losses, and finally closed. Down 0.08%, rebounding to 1985 so far
Based on the strong rise of gold after being affected by fundamentals, we can see the daily pattern. After this pattern ends, gold will continue to be under pressure. From a 4-hour perspective, the first downward trend has stabilized, initially forming an effective support at 1970, while also holding above the 1953 critical point of strength and weakness. It is expected that the trend of testing will continue today. In the short term, the price will first remain between the upper and lower tracks of the 4-hour Bollinger Band. That is to say, non-agricultural data will be released tomorrow, so be prepared in terms of risk control. It is expected that the price of gold will not fluctuate much before this, and will continue to maintain a pattern of high fluctuations and consolidation. To sum up, gold is in a state of shock after a downward trend. The rise of gold has once again stopped at the 1993 line. Today it continues to fluctuate. The upper side focuses on the short-term short-term resistance of 1993-1995, and the lower side focuses on the vicinity of 1971-1973 for the long term.
SELL:1993~1995
SL:2000
TP1:1988
TP2:1984
BUY:1971~1973
SL:1967
TP1:1978
TP2:1983
DXY fell sharply after reaching a one-month high, falling sharply from above the 107.00 mark to around 106.30. This trend of a weakening US dollar caused the price of gold to rebound rapidly from the low point. Spot gold rose sharply from the low of 1969.80 after the Federal Reserve decision. From the announcement of the FOMC decision statement to the end of Powell's speech, gold fell first and then rose, basically recovering its losses, and finally closed. Down 0.08%, rebounding to 1985 so far
Based on the strong rise of gold after being affected by fundamentals, we can see the daily pattern. After this pattern ends, gold will continue to be under pressure. From a 4-hour perspective, the first downward trend has stabilized, initially forming an effective support at 1970, while also holding above the 1953 critical point of strength and weakness. It is expected that the trend of testing will continue today. In the short term, the price will first remain between the upper and lower tracks of the 4-hour Bollinger Band. That is to say, non-agricultural data will be released tomorrow, so be prepared in terms of risk control. It is expected that the price of gold will not fluctuate much before this, and will continue to maintain a pattern of high fluctuations and consolidation. To sum up, gold is in a state of shock after a downward trend. The rise of gold has once again stopped at the 1993 line. Today it continues to fluctuate. The upper side focuses on the short-term short-term resistance of 1993-1995, and the lower side focuses on the vicinity of 1971-1973 for the long term.
SELL:1993~1995
SL:2000
TP1:1988
TP2:1984
BUY:1971~1973
SL:1967
TP1:1978
TP2:1983
Note
Gold started to fall from its peak in 1991, which was 2$ away from the SELL1993 I analyzed in the morning. However, I chased the short position in 1989 and made a profit.Trade active
Trade active
The first principle of investment is to avoid risks. If you cannot avoid risks, no matter how much money you make, you will lose it one day.Note
Gold is dancing, but I have already made a profit. Only by following a good mentor can you make money in this market, believe meTrade active
If gold fails to hold the support of 1970, then gold will test the next support level of 1963. If it fails to hold this support, gold will fall towards the psychological defense line of 1950 for most traders.Trade active
Good luck today and feel free to check my signals at the end of the article
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