Yesterday's trading session was as we expected when the gold price adjusted from the 334x area, however, the gold price did not approach 3300 as we expected for a long-term trading point.
Basic news: News that President Trump considered firing FED Chairman Jerome Powell caused the USD to plummet, gold prices to skyrocket and stocks to fall. The US PPI and core PPI last month both recorded a 0% increase, lower than the forecast of 0.2% and the previous period's level of 0.1%. Data showed that inflationary pressure from the manufacturing side continued to cool down.
Technical analysis: After adjusting from the 334x area and approaching the nearest bottom of 3320, the gold price immediately increased sharply. RSI on the H1, H4 and D1 time frames crossed the average line, showing a renewed uptrend. Currently, the higher bottom pattern is compressing at the 3320 - 3357 border. If the price breaks this compression zone, it will fluctuate very strongly.
Important price zones today: 3325 - 3330, 3352 - 3357 and 3300 - 3305.
Today's trading trend: BUY.
Recommended orders:
Plan 1: BUY XAUUSD zone 3325 - 3327
SL 3322
TP 3330 - 3340 - 3360 - 3380.
Plan 2: BUY XAUUSD zone 3300 - 3302
SL 3297
TP 3305 - 3315 - 3335 - 3360.
Plan 3: SELL XAUUSD zone 3355 - 3357
SL 3360
TP 3352 - 3342 - 3332 - 3322.
Wish you a safe, successful and profitable trading day.🌟🌟🌟🌟🌟
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Disclaimer
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.