GOLD - Head and shoulders pattern is formed
Updated
The yellow metal retains support at $1,900 an ounce as a significantly weaker-than-expected nonfarm payrolls report dented the dollar and boosted hopes that the Federal Reserve near the end of the rate hike cycle.
However, Fed officials said the bank still needs to raise interest rates in the near term to combat overheating. Markets are broadly pricing in a Fed increase of at least 25 basis points by the end of July.
SELL XAUUSD zone 1936 - 1938 - Stoploss 1945 (scalp)
SELL XAUUSD zone 1948 - 1950 - Stoploss 1957
Note: Installing TP SL fully wins the market and is safe in trading
Notice when Gold Break Out from the price range 1930$ - 1932$ and close above this price range. This easily helps Gold reach its target of 1940$ - 1945$ - 1950$ in the short term.
When trading the breakout method, pay attention to place the stop loss at the nearest resistance area of $1924
Conversely, if the Triple Top is formed first, Gold will return to $1907 - $1905, This will help us form a long-term Buy strategy.
However, Fed officials said the bank still needs to raise interest rates in the near term to combat overheating. Markets are broadly pricing in a Fed increase of at least 25 basis points by the end of July.
SELL XAUUSD zone 1936 - 1938 - Stoploss 1945 (scalp)
SELL XAUUSD zone 1948 - 1950 - Stoploss 1957
Note: Installing TP SL fully wins the market and is safe in trading
Notice when Gold Break Out from the price range 1930$ - 1932$ and close above this price range. This easily helps Gold reach its target of 1940$ - 1945$ - 1950$ in the short term.
When trading the breakout method, pay attention to place the stop loss at the nearest resistance area of $1924
Conversely, if the Triple Top is formed first, Gold will return to $1907 - $1905, This will help us form a long-term Buy strategy.
Note
Breakout 1930$ and hit taget 1938$Note
SELL 1938 => 1930 +80pips
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