Yesterday, the U.S. January CPI data came in higher than expected, which reinforced the Fed's cautious stance on interest rate cuts.
After the CPI data release, gold briefly dipped to a low of $2864 before bouncing back. With today’s rise during the Asian session, gold has regained its footing above the $2910 level.
From the hourly chart, although gold touched a low of $2864 yesterday, it merely pierced that level without effectively breaking below $2880. Now, with gold once again stabilizing above the 2900-2910 resistance zone, it indicates that gold is back on track for a bullish trend.
Therefore, we will not anticipate further corrections today. Since the resistance zone at 2900-2910 has been breached, it will now act as support. So, today we look to go long in this support area.
Trading Strategy:
Buy at 2900-2910
TP1: 2920
TP2: 2940
TP3: 2950
Ladies and gentlemen, if you're following my trades and would like more detailed insights and trading signals, you can join my trading channel below the article. You'll get immediate access to my thoughts every day.
After the CPI data release, gold briefly dipped to a low of $2864 before bouncing back. With today’s rise during the Asian session, gold has regained its footing above the $2910 level.
From the hourly chart, although gold touched a low of $2864 yesterday, it merely pierced that level without effectively breaking below $2880. Now, with gold once again stabilizing above the 2900-2910 resistance zone, it indicates that gold is back on track for a bullish trend.
Therefore, we will not anticipate further corrections today. Since the resistance zone at 2900-2910 has been breached, it will now act as support. So, today we look to go long in this support area.
Trading Strategy:
Buy at 2900-2910
TP1: 2920
TP2: 2940
TP3: 2950
Ladies and gentlemen, if you're following my trades and would like more detailed insights and trading signals, you can join my trading channel below the article. You'll get immediate access to my thoughts every day.
Trade active
Today's trading strategy is still very accurate. As expected, gold rebounded after falling back to the buying range of 2900-2910. Now the price has reached 2924 US dollars, successfully reaching our TP1: above 2920. Judging from the rebound strength of the gold price, there is still room for further growth. Let's wait and see.Trade closed: target reached
Gold has risen to near its previous high. The resistance here is strong. We can close our buy orders yesterday and make a profit now. We are ready to plan a new trading plan.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.