PMI news trading plan

Gold prices are recovering from weekly lows of $1,914 ahead of a busy Friday, with preliminary global PMI data releases. The US Dollar (USD) is temporarily breathing heavily even though US Treasury bond yields are setting new multi-year highs.

The 14-day Relative Strength Index (RSI) indicator is just below 50, raising doubts about a recovery in Gold prices.

On the downside, the weekly low of $1,914 could be retested, reopening the floor towards the $1,910 round figure. The next important support awaits at $1,900.

Trading plan

XAUUSD Sell zone 1935-1937
SL 1940
TP 1927

Depending on the price action, you can consider the entrybuy zone

XAUUSD Buy zone 1918 - 1920
SL 1915
TP 1930

XAUUSD Buy zone 1913 - 1915
SL 1910
TP 1925

Comment:

Gold prices (XAU/USD) struggle to find direction as investors remain uncertain about peak interest rates following the Federal Reserve's (Fed) monetary policy announcement on Wednesday. The precious metal traded within Thursday's range as the upside was limited by the US economic recovery, which kept expectations of another Fed rate hike alive. On the other hand, Gold also seems to be well supported due to the continued decline in core inflation.
Information is updated 2 hours before the news

Trade active:

exactly like my analysis. Gold did not fluctuate too much because the two news contradicted each other, so gold hit the nearest support zone and rose according to the chart

Comment:

Comment:

new strategy

Trade active:

active buy 1913- 1915