OANDA:XAUUSD MARKET ANALYSIS AND COMMENTARY - WEEK 17 - 2024 [April 22 - April 26]
ECONOMIC COMMENTARY
This week, international gold prices continued to increase beyond the threshold of 2,400 USD/oz to 2,417 USD/oz, but then gradually decreased and closed at 2,390 USD/oz.
Gold prices rose again to exceed 2,400 USD/oz on April 19 due to an attack believed to be by Israel in retaliation for previous attacks by Iran. However, until now, Israel has not acknowledged this action, while Iran also refused to admit that this attack was carried out by Israel.
Many believe that the conflict in the Middle East will not end as Israel and Iran may continue to conduct tit-for-tat military attacks on each other. However, the Israel-Iran conflict is unlikely to become a large-scale war, because both sides consider very serious consequences if the conflict escalates. Therefore, gold's role as a haven may decrease, causing investors to focus on the FED's monetary policy.
Next week may see more fluctuations in gold prices due to the release of the US GDP and PCE report for the first quarter of 2024, which could affect whether the FED cuts interest rates or not.
TECHNICAL COMMENTARY
Technically, next week's gold price needs to remain stable above 2,360 USD/oz to prepare for another price increase beyond 2,400 USD/oz. However, if next week's gold price is pushed below 2,360 USD/oz, it could open the way back to the 2,300-2,320 USD/oz range.
The trading plan for next week will consider buying if the price falls and adjusting to around 2320, selling if the price increases to reach 2473, all accepting a stop loss of 5 prices for each strategy.
Trade active
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🌐PLAN XAUUSD week April 22-April 26, 2024
Breakout + test and maintain above $2400 => confirmation of increase Breakout + test and maintain below 2360$ => confirmation of decline
📉 SELL XAUUSD zone 2347 - 2349. STOPLOSS 2352
📈 BUY XAUUSD zone 2302 - 2300. STOPLOSS 2296
➡️Resistance : 2347 -2355 - 2365 - 2380
➡️Support : 2302 - 2295 - 2288 - 2269 - 2263
Scalping stragegies will be applied when the resistance - support areas above have entry signals and there will be specific signals
Note: Full TP and SL to be safe and win the market‼️ Your money, please protect it with me❤️❤️