Maintain upside below 3666 and wait for US PPI data

Sep 10

🔔🔔🔔Gold news:

➡️ Gold attracted further buying interest as prices edged closer to $3,620 in Asian trade on Wednesday

➡️ Rising expectations of a rate cut by the US Federal Reserve, coupled with political uncertainty in France and Japan, are providing a strong boost to the precious metal.

➡️ In addition, the escalation of the Russia-Ukraine war and the latest conflict between Israel and Qatar in the Middle East are further fueling the bullion's rally.

Personal view:
➡️ The recent mild correction after a prolonged overbought condition appears to be over. With some fresh momentum supporting the market, gold is likely to continue its uptrend below $3,666 and while waiting for the US PPI data to be released to determine the short-term trend

➡️Analysis based on support resistance levels and trend lines combined with EMA to come up with a suitable strategy

Personal Plan:
🔆Price Zone Setup:

👉Buy Gold 3624 - 3621
❌SL: 3617 | ✅TP: 3628 - 3633 – 3638

👉Sell Gold 3664 - 3667 (Scalping)
❌SL: 3671 | ✅TP: 3660 - 3655

FM wishes you a successful trading day 💰💰💰

Sep 10

Trade active

Plans Still On Track

Weaker-than-expected US PPI data weighs on USD

Sep 11

Trade closed: target reached

personal plan:
Hit + 150 pips from Buy 3623
Setup successful