GOLD
Gold prices hold lower at weekly lows, filling its wounds after a three-day downtrend near 1935$, as market participants gear up for this week's key event, the Two-Year Hearing. once by Fed Chairman. According to technical indicators in the daily chart, GOLD is making modest gains from intraday lows, with the risk of a sharper decline increasing. The pair met sellers around a slightly bearish 20 Simple Moving Average (SMA) and extended its slide below the flat 100 SMA, the latter at around 1,945$.
At the same time, technical indicators have gained bearish traction, maintaining their bearish bias and anticipating another pullback, especially on a break below 1,925$, this month's low. .
Bears also dominate in the near term. The 4-hour chart shows that GOLD failed to break through the undirected 20 SMA, which developed below the longer lines. Technical indicators have eased their slide but remain in negative territory, reflecting growing selling interest.
The strategy for midweek is that I will watch to buy
GOLD
a lot around the 1928$- 1931$ zone. And sell
GOLD
at the peak at 1952$-1956$. Stop loss is at 70pip per trade, good luck and win the market
Trade active:
The buy entry point has been reached, everyone pay attention
Trade active:
BUY 1931 => 1937. +60pips✅✅✅
Trade closed: target reached:
Round 2, Buy 1928 and Gold headed to 1936$
