In general, the price of gold is in a downtrend, as evidenced by the falling peaks and troughs
The price line is also trading completely below the 2 EMA for the SELL value zone
So today's main priority is SELL to catch the trend and Buy Scaling strategy should be closed early
However, tonight we will receive CPI news at 7:30. So really GOLD can falter with 1 HIT Up a few hundred pips or Drop Hit, so it's best to cut your order before 7:30 to be safe for your account.
The price line is also trading completely below the 2 EMA for the SELL value zone
So today's main priority is SELL to catch the trend and Buy Scaling strategy should be closed early
However, tonight we will receive CPI news at 7:30. So really GOLD can falter with 1 HIT Up a few hundred pips or Drop Hit, so it's best to cut your order before 7:30 to be safe for your account.
Comment:
Gold (XAU/USD) prices have found an intermediate buffer after hitting new monthly lows on Thursday. The precious metal remains in a tough spot as upcoming action will be guided by the pace of inflation in the July US Consumer Price Index (CPI) data on inflation. Gold price fails to find meaningful support despite US Dollar drop. It seems that the impact of reduced demand from central banks is still intact.
Comment:
🔹After the data, it is expected that the Federal Reserve will raise interest rates next month by 25 points, to reach 5.75%.
SL: 1928
TP1: 1917
TP2: 1912
TP3: 1905