XAUUSD: The decline is about to begin, have you sold?
Updated
After gold rose to the high point of 2580-2590, it basically maintained a shock consolidation this week. So far, no new historical highs have been triggered this week.
For now, most investors in the market believe that the Fed's interest rate decision will be a node, but in fact, it is not. I think today's data will be a window for a change.
Because the closer the interest rate decision is, the more people will be eager to close the profitable long orders, which will quickly weaken the long force and give the short force an opportunity to take advantage of the situation.
So I think there is a high probability that there will be a callback before the interest rate decision.
Trading strategy:
Sell in the 2580-2590 area, the target is first to look at the 2550 area, and the second is the previous high 2530 area.
I personally still hold on to the short orders I held last week. After adding positions at high levels several times, the average price is now at 2567. As long as the gold price falls, our trapped orders can be closed at a profit.
For now, most investors in the market believe that the Fed's interest rate decision will be a node, but in fact, it is not. I think today's data will be a window for a change.
Because the closer the interest rate decision is, the more people will be eager to close the profitable long orders, which will quickly weaken the long force and give the short force an opportunity to take advantage of the situation.
So I think there is a high probability that there will be a callback before the interest rate decision.
Trading strategy:
Sell in the 2580-2590 area, the target is first to look at the 2550 area, and the second is the previous high 2530 area.
I personally still hold on to the short orders I held last week. After adding positions at high levels several times, the average price is now at 2567. As long as the gold price falls, our trapped orders can be closed at a profit.
Trade active
The US August retail sales monthly rate just released is bearish for gold. The gold price fell to 2568. The overall downward trend continued. This is a good start. We continue to maintain a bearish view.Trade active
Although the market has rebounded, the overall trend still maintains a downward trend, which requires a certain amount of patience.Trade active
The price of gold has now stepped out of the 2580-2590 range, and is trending downward. The MACD indicator fast and slow lines have passed through the zero axis. All this information points to a decline. Now it seems that there is some support at 2570, but in my opinion this support is not strong, and it is only a matter of time before the level is broken.Trade active
The gold price is still falling, and now the price is around 2560. My Sell order that was trapped last week has made a profit. I believe that friends who were trapped like me and followed my strategy of increasing positions have also made a profit now. At the same time, the signal I reminded to sell in the range of 2580-2590 today also made a huge profit.
Now I think it is possible to continue to hold, and there will be some room for decline. If you want to be safe, you can also close the position now with profit.
If you want to get my thoughts on gold as soon as possible, welcome to join my channel
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📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
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