GOLD 13/6 : Will there be a breakout tonight
Gold prices are unchanged ahead of important events taking place today and Wednesday according to the US calendar. With all eyes on Wednesday's Federal Reserve meeting, short positions in gold were recently hedged to take profits following the blockbuster jobs report Nonfarm payrolls
A break of the Dollar Index support at 101 could be an ominous sign, warning of a sharp decline. Such a decline is likely to have multiple knock-on effects on financial markets
As the dollar weakened, gold prices started to recover from strong support and they have begun to show signs of this anticipated behavior. Historically, gold has served as a safe haven for investors during times of economic uncertainty, including times of a weak dollar.
A break of the Dollar Index support at 101 could be an ominous sign, warning of a sharp decline. Such a decline is likely to have multiple knock-on effects on financial markets
As the dollar weakened, gold prices started to recover from strong support and they have begun to show signs of this anticipated behavior. Historically, gold has served as a safe haven for investors during times of economic uncertainty, including times of a weak dollar.
✅Buy order in the $1,937-$1,940 price zone when the support zone is approached.
✖️Stoploss: $1,933.
✅Sell the $1,975-$1,972 range when the price hits the resistance area.
✖️Stoploss: $1,982.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!