Gold has been a difficult asset to trade in the past two months, with prices dropping from a near-record high of over $2,080 to around $1,950 to $1,980.
While there are increasing risks, such as the Federal Reserve's weaknesses, investors shouldn't underestimate the market's underlying strength.
Even the US central bank can't generate significant profits to continue supporting gold. As predicted, gold has experienced significant selling pressure due to rising interest rates, increasing the opportunity cost of holding the precious metal.
It tested a three-month low of around $1,930, but by the end of the week, prices rebounded to $1,970, remaining relatively unchanged.
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⭐️Make a trading plan: ✅Buy order in the $1,942-$1,945 price zone when the support zone is approached. ✖️Stoploss: $1,937.
✅Sell the $1,982-$1,979 range when the price hits the resistance area. ✖️Stoploss: $1,985.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!