International News
Today, the price of gold (XAUUSD) is trending below $2,040 as investors await a statement from Jerome Powell, the Chair of the Federal Reserve, regarding the economic outlook and monetary policy.
This announcement could cause short-term volatility in the gold market. Analysts believe that economic concerns and interest rates will remain key factors influencing gold’s price direction. Currently, gold is undergoing a correction, which might lead to a decline towards the support level around $2,000 before possibly recovering.
Source: Investing
Trading Note: ✅
Sell: 2,729.46
Take Profit (TP): 2,718.79, 2,708.93
Stop Loss (SL): 2,743.76
Reasons for Entering the Trade:
The price is testing a zone that may confirm a Break of Structure (BOS), suggesting a potential move downward toward the 2,700.00 zone if it fails to hold.
Fibonacci: Target set at 168
Sell Entry Target: 35-50
RSI: Neutral
Wait for a reversal signal to determine the entry point. For those who can handle risk and prefer not to wait, pending Buy/Sell orders can be placed in the specified zone. Alternatively, those willing to take on the risk may proceed with trading, using a clear short-term scalping approach or holding overnight. As the price moves favorably, consider setting a trailing stop loss (TSL) to protect gains or gradually closing positions to lock in profits.
Experience Tip:
Breakouts and retests help avoid false breakouts and provide an opportunity for “buying low and selling high.” This technique is widely used by short- and long-term traders, as well as both contrarian and trend-following traders, due to its adaptability.
❗This is a personal opinion and may result in both profits and losses. Investing carries risks, and investors should research thoroughly before making decisions.
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