The fluctuating expectations of interest rates are causing new movements in the gold market as prices struggle to reach $2,000. However, this volatility is providing buying opportunities for investors seeking value in the precious metal market.
Last month, gold sharply dropped below $2,000 due to the relatively strong economic sentiment continuing to support the positive monetary policy stance of the Federal Reserve. Markets priced in most of the interest rate cuts they expected in April.
However, in recent weeks, gold has held a significant support level around $1,950 due to changing expectations. Many analysts and economists have noted that the Federal Reserve is nearing the end of its tightening cycle. Markets expect the Federal Reserve to maintain interest rates when they meet next week and there is only a 53% chance of an interest rate hike in July.
Comment
⋅
⭐️Currently, around the price range of 1966 - 1952, the range is still showing a narrowing band. Can scale around this price range, stop loss set 5 prices after each entry. And should only apply to the Eurasian session.
⚠️Note to manage your volume because it has been tested quite a lot, stop loss absolutely when the market has strong fluctuations !!!
Comment
⋅
⭐️Make a trading plan: ✅Buy order in the $1,944-$1,947 price zone when the support zone is approached. ✖️Stoploss: $1,940.
✅Sell the $1,976-$1,973 range when the price hits the resistance area. ✖️Stoploss: $1,980.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!