GOLD: Riding the Bullish Impulse on Tuesday - Scalping
Updated
Gold prices saw a slight uptick on Tuesday following a corrective session on Monday that saw the price briefly touch the $2148 mark. Starting Tuesday with a bullish momentum, the price found support in certain demand areas. Our strategy involves capitalizing on this demand zone through scalping, aiming to ride a potential increase in price to the previous swing high of the market.
It's worth noting that a hawkish stance from the Federal Reserve could push XAU/USD prices towards the $2,100.00 mark, given the aggressive short positioning on the Greenback by market participants. Therefore, all eyes are on the pivotal FOMC decision scheduled for Wednesday, which is expected to drive demand for the USD and provide fresh impetus to the precious metal market.
Keep in mind that this idea is tailored for a scalping approach
It's worth noting that a hawkish stance from the Federal Reserve could push XAU/USD prices towards the $2,100.00 mark, given the aggressive short positioning on the Greenback by market participants. Therefore, all eyes are on the pivotal FOMC decision scheduled for Wednesday, which is expected to drive demand for the USD and provide fresh impetus to the precious metal market.
Keep in mind that this idea is tailored for a scalping approach
Note
✅ Close 50% Volume and Move SL EntryTrade closed: target reached
✅ Done.
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