GOLD - Scalping Strategy

Mars_Hunter Updated   
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold prices slightly extended its gains and successfully continued a third day of gains.

GOLD hovers around $1,900/oz during the Asian session on Wednesday, showing signs of recovery from four consecutive weeks of losses despite a firmer US Dollar (USD).

However, a stronger recovery is unlikely at the moment.

After days of continuous decline, gold finally showed signs of changing the trend. At first, we can look at the problem as follows:
1. Economic data in the US is showing signs of getting better
2. Inflation may not reach the target of the Fed, but it can also be called cooled down
3. The economic data is giving clearer evidence of the US economic scenario will have a soft landing if the FED is ready to QE after this period.

=> From the above points, I think that Gold is still in a downtrend, and this rally may not be as strong as expected.

You can set up sell order at price zone 1905-1907 SL 1913 TP 1900,1895
Gold price (XAU/USD) strengthens this week as the rally in US Treasury yields halts amid fading hopes of more interest-rate increases from the Federal Reserve (Fed). US headline Consumer Price Index (CPI) has come down to 3.2% from its peak of 9.1% due to an aggressive rate-tightening cycle, but the Fed will likely have to keep interest rates higher for a longer period as the remaining excess inflation above the desired rate of 2% seems extremely stubborn.
Trade closed: target reached:
+40 pips, nice
Trade closed: target reached:
Congratulations you have won 50 pips
That gold had a sudden spike approaching the 1920 price range. Do you think gold will change its uptrend. According to observing the daily frame, gold started to run wave 4 of the elliot wave pattern. the possibility that gold will continue to decrease if it hasn't broken the 1922 price zone and closed above it.
gold today has surged to break 1920. We are waiting to see a bounce from the market.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.