XAUUSD market is down-trending since the it hits ATH at 2070 when Russia-Ukraine conflict escalated for the second time since 2014.
In a bearish market, we only look for short setups otherwise we are just forcing trades.
In this trade, we have multiple confluences:
- Bearish market
- DXY strength
- Market already broke below the strongest support 1680
- Price is in low volume nodes
- Huge demand at
In terms of fundamentals, the latest jobless claims & unemployment rate reports were positive for the #DXY but for inflation they were not! more people are getting jobs which makes buying power and demand go up or stay the same, hence, food & energy prices are still high and so inflation.
#Fed is likely to end the year with a 4.25% interest rate, next meeting is in November, 2.
75 basis points is on the table, Jerome Powell knows how energy prices will soar after the production cut by #OPEC members in the last meeting, - 2 million barrel a day.
This is a swing trade, it may take a few days or even weeks to hit TP!
In a bearish market, we only look for short setups otherwise we are just forcing trades.
In this trade, we have multiple confluences:
- Bearish market
- DXY strength
- Market already broke below the strongest support 1680
- Price is in low volume nodes
- Huge demand at
In terms of fundamentals, the latest jobless claims & unemployment rate reports were positive for the #DXY but for inflation they were not! more people are getting jobs which makes buying power and demand go up or stay the same, hence, food & energy prices are still high and so inflation.
#Fed is likely to end the year with a 4.25% interest rate, next meeting is in November, 2.
75 basis points is on the table, Jerome Powell knows how energy prices will soar after the production cut by #OPEC members in the last meeting, - 2 million barrel a day.
This is a swing trade, it may take a few days or even weeks to hit TP!
Trade closed: target reached:
It was a very good swing trade, congrats! follow for more ;)