XAUUSD_Bull lost the initiative for the time being
Updated
Gold price today on August 17 on the market continued to plummet to 1893.03 USD/ounce and lost the support level of 1,900 USD/ounce.
Gold weakened because the dollar in the international market soared in the past few days in the context of the US Federal Reserve (Fed) maintaining tight monetary policy. Meanwhile, many Asian countries accelerate monetary easing to revive their economies, pushing down gold prices.
The USD is also increasing in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, the short-term drop in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.
Trading plan:
BUY XAUUSD around price: 1885 - 1883
Stoploss : 1879
Take Profit : 1890
Take Profit : 1900
Take Profit : 1905
Gold weakened because the dollar in the international market soared in the past few days in the context of the US Federal Reserve (Fed) maintaining tight monetary policy. Meanwhile, many Asian countries accelerate monetary easing to revive their economies, pushing down gold prices.
The USD is also increasing in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, the short-term drop in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.
Trading plan:
BUY XAUUSD around price: 1885 - 1883
Stoploss : 1879
Take Profit : 1890
Take Profit : 1900
Take Profit : 1905
Note
Gold price is consolidating lossess in early Thursday’s trading, having touched the lowest level in five months at $1,890. XAU/USD sellers are biding time before the next push lower, as the United States Dollar (USD) continues to garner demand heading into a fresh batch of mid-tier US economic data.Note
Concerns about China's deteriorating economic prospects could put pressure on Gold's ability to sustain its value. Moreover, robust US economic performance triggered the US Treasury bond yields, bolstering the US Dollar (USD). This upward momentum in the USD could exert downward pressure on the price of Gold.Gold is about to find an entry point, please pay attention
Note
Wish you all have a successful trading dayNote
⚡️ BUY GOLD 1886-1888⚡️❕SL: 1883
✔️TP1: 1895
✔️TP2: 1900
Note
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