Short

Short Opportunity in XAUUSD

Updated

On the fundamental side,
we are still long so stay alert for economic data over the next few weeks.

Switching on a technical perspective,
D: we broke a key zone.
4h: we have a strong switch to the down trend.

we will wait and see if the price will retest the 50% fib and rejecting the trend line and the supply zone before taking any action.

Note

beware of the RSI having as strong upward momentum in the 1h timeframe

Note

Thursday's GDP data will be the deciding factor for market movement,
We can anticipate two potential outcomes:

1. If the GDP exceeds expectations, investors may feel more secure, and as a result, gold prices may not decrease significantly.

2. In the event of a worse-than-anticipated GDP, there could be concerns about a potential recession, leading to a surge in demand for safe-haven assets like gold. This increased demand could drive up gold prices significantly, possibly even reaching all-time highs.

Note

tp 1 reached

Note

looking to leave fully my position before tomorrow's GDP data or at least if i see a good potential, i will leave a 25% floating in profit , closing the other 75%

Note

moving my SL to break even

Note

Gold's technicals are favorable as it has rejected a trend on the 4-hour chart with a hammer. We're currently anticipating the release of GDP numbers in 20min, but our position is secure with a stop loss in profit and we've already taken profits on 50% of our position at TP1.

Note

Despite GDP data coming in below expectations, i have observed the price being pushed downwards through common tactics of manipulation. In the event that the price fails to reach either the take profit or stop loss thresholds, i suggest manually closing out the position before the US market opens. By doing so, i anticipate the conclusion of the price manipulation and a return to the asset's true movement, potentially leading to more favorable outcomes.

Note

I will leave my dollar position open after the us market open anticipating a downward run

Note

creating a new tp on the 15min demand zone

Note

TP 3 hit 🎯
fully closing my positions before US open

Note

TP 1 : 1.6 RR
TP 2 : 2 RR
TP 3 : 2.65 RR

total Profit: 2.08%
total Risk 1%

Trade closed manually

Trade closed: target reached

keechi

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