24/05 - The trend is showing signs of reversal
Updated
Gold is currently trading at around $1,975, the sentiment towards precious metals is mixed, but gold is benefiting from a weaker dollar due to stalled debt ceiling negotiations.
Despite the recent decline in US Treasury yields, US PMIs remain positive, which should boost the dollar's bull market.
Gold is hovering around the confluence support at $1970, which includes the middle of the 4-hour Bollinger Bands, the daily Fibonacci 38.2%, and the 23.6% Fibonacci week.
There is a possibility that gold prices may drop to $1934 by the end of the session, but the lower daily Bollinger Band around $1950 could act as a stop during gold's decline between $1970 and $1934.
Additionally, the one-day R1 axis on the 4-hour chart and the Bollinger Bands around the $1985 level will limit the short-term uptrend in gold prices.
XAUUSD
SELL XAUUSD 1984-1986
Stop Loss 1994
My own expected return is 1979-1972-1965
How about you?
NOTE: Always put TP, SL to keep your account safe and win the market!
Despite the recent decline in US Treasury yields, US PMIs remain positive, which should boost the dollar's bull market.
Gold is hovering around the confluence support at $1970, which includes the middle of the 4-hour Bollinger Bands, the daily Fibonacci 38.2%, and the 23.6% Fibonacci week.
There is a possibility that gold prices may drop to $1934 by the end of the session, but the lower daily Bollinger Band around $1950 could act as a stop during gold's decline between $1970 and $1934.
Additionally, the one-day R1 axis on the 4-hour chart and the Bollinger Bands around the $1985 level will limit the short-term uptrend in gold prices.
XAUUSD SELL XAUUSD 1984-1986
Stop Loss 1994
My own expected return is 1979-1972-1965
How about you?
NOTE: Always put TP, SL to keep your account safe and win the market!
Note
Gold is heading in the right directionNote
+100pipsNote
1968 => +190pipsNote
HIT FULL TPNote
Beyond expectations
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