Gold fell sharply, prolonging and accelerating the downtrend that began after the FED kept interest rates unchanged and reiterated that interest rates would remain high for longer than previously expected. Additionally, the recent decline in gold is also attributed to options contracts expiring soon. However, it could also be due to seasonality as this price action continues for the rest of the period.
We can see gold's continuous decline since 1880 on the H4 chart. It went down sharply and it is not easy to identify effective support levels to establish long positions. In addition, gold has entered the oversold zone, which is a potential signal for a short-term recovery to establish a selling strategy.
XAUUSD SELL 1828 - 1830
Take Profit: 1820
Stop Loss: 1835
We can see gold's continuous decline since 1880 on the H4 chart. It went down sharply and it is not easy to identify effective support levels to establish long positions. In addition, gold has entered the oversold zone, which is a potential signal for a short-term recovery to establish a selling strategy.
XAUUSD SELL 1828 - 1830
Take Profit: 1820
Stop Loss: 1835
Comment:
ENTRY SELL
Comment:
You can close the order to gain 80PIPS
