10/15 ! XAU continue SIDEWAY over $2640

Updated
XAU / USD trend forecast October 15, 2024

Gold prices pulled back after reaching a daily high of $2,666 on Monday, as China’s stimulus measures failed to lift markets and the US Dollar continued to strengthen. XAU/USD is trading around $2,650, down 0.26%.

Weekend data showed China’s economy facing deflationary pressures, jeopardizing its 5% GDP target. In response, Finance Minister Lan Foan stated that the government will maintain stimulus efforts, support the property market, and increase state bank capital to stimulate the economy.

No important economic news this week - sideways time. Gold accumulates waiting for information on interest rates in November 2024

/// SELL XAU : zone 2659-2662

SL: 2667

TP: 50 - 100 - 200 pips (2642)



Safe and profitable trading
Trade active
Wait for a price recovery in the European session - price range 2660
Order cancelled
Support zone 2638 - gold price faces major obstacles when encountering large buying force. Increase target back to 2660, forming a head and shoulders pattern
Trade active
Gold price touched 2656 then decreased - continuously the struggle of the buyer and sale faction
Trade closed: target reached
+ 50 pips, profit entry sell 2659-2662
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