As the chart shows, gold price has shown lower buying power by keeping lowering its daily highest and lowest point. On top of that, DXY has a extremely hard time to break the support at 95 and it also has gained some strength recently. Therefore the general strategy is carefully take long position during the day and prepare to take short position whenever the price meets the resistance.
Strategies:
1. Wait until the price moves up to 1228 then take short position. Take profit at 1219-1218 region. Stop loss at 1234.
2. Aggressive traders may take long position to 1227 if the support at 1221 holds. Stop loss at 1217.
Strategies:
1. Wait until the price moves up to 1228 then take short position. Take profit at 1219-1218 region. Stop loss at 1234.
2. Aggressive traders may take long position to 1227 if the support at 1221 holds. Stop loss at 1217.