Gold price analysis according to trendline and Fibonacci

Jan 21

🔆 Gold prices have risen significantly following the inauguration of US President Donald Trump.

🔆 The increase is attributed to a weaker US dollar as markets assess the impact of economic policies during President Trump's second term. The US dollar fell about 1% after reports that any new taxes would be "moderate". The weakening of the US dollar makes gold more attractive to foreign investors.

🔆 Some of President Trump's policies could lead to higher inflation in the long term, which would continue to support safe-haven assets such as gold.

🔆 However, it is important to note that President Trump's policies, while likely to boost inflation, could also prompt the US Federal Reserve to maintain or raise interest rates, affecting the appeal of gold. Gold typically thrives in a low-interest-rate environment.

🔆 Overall, gold prices are reacting positively to current political and economic developments, especially the new administration's trade and fiscal policies.

🔆Analysis:
Based on Fibonacci, Trendline, resistance - support zones to come up with a reasonable method

🔆Price Zone Setup:
👉 Buy XAU 2700 – 2702
❌SL: 2695 | ✅TP: 2708 - 2716 – 2724

👉SELL XAU 2740-2742
❌SL: 2746 | ✅TP: 2735 - 2729 - 2720

Thank you for reading my comment: "FM"

Jan 21

Trade closed manually

can sell small lots 2739

Jan 21

Note

Hit + 30 pips from 2739

Jan 21

Note

Hit TP1 + 40 pips from 2739