XAUUSD : Gold is likely to fall to 2030 and turn around

After the Fed's interest rate decision last night, gold prices had a slight adjustment but immediately increased again this morning.

During the January 31 session, world gold prices at times rose to the previous resistance zone at $2,055.9 but after Fed Chairman Jerome Powell's speech, gold prices returned to the $2,039 threshold. However, this morning the precious metal rebounded and approached the resistance level of $2,050.

Last night, the Fed decided to keep interest rates unchanged and signaled that it was not ready to loosen policy. Powell's statement disappointed investors longing for a rate cut, and this led to a slight increase in the US dollar. Currently, the focus of the market will be the Nonfarm Payrolls report released at the end of the week.

The resistance area for gold prices is still at $2,050, with the higher level at $2,065. In the event that gold's bearish momentum increases and brings the price back below the 50-day SMA, $2,005 will be in sight, followed by $1,990.

Trade active:

🔝 XAUUSD : Trading plan February 01, 2024

🪙 We have 2 levels to have a good entry for the BUY signal :

💲 Entry 1 Buy Scalping : 2029 - 2031
💵TP1 : 2035
💵TP2 : 2040
🔴 SL : 2020

💲Entry 2 Buy Limit : 2021 - 2023
💵TP1 : 2027
💵TP2 : 2031
🔴 SL : 2015

🪙 We have 2 levels to have a good entry for the SELL signal :

💲Entry 1 Sell (Scalping) : 2045$ - 2047$
💵TP1 : 2040
💵TP2 : 2035
🔴 SL : 2057

💲Entry 2 Sell Limit : 2051 - 2053
💵TP1 : 2045
💵TP2 : 2040
🔴 SL : 2060

⚡️⚡️⚡️ Note: For transactions, please leave full TP and SL to ensure safety and bring profit from the market. ‼️

🔔 Admin : @Eva_trade811

Comment:

⚡️ Entry 1 Sell - running + 40 pips - Move SL to Entry

Trade active:

💵Entry 1 Sell - HIT TP1 60 pips - Closed 1/2 Move SL to Entry

Comment:

💵Entry 1 Sell - HIT 160 pips - Closed 1/2 Move SL to Entry

Trade active:

Entry 1 Buy - Hit TP1 - 50 pips - move sl to entry

Comment:

Entry 1 Buy - Hit Full TP - 100 pips - move sl to entry