XAU/USD 31.08.2023 buy

Hello traders, for today I believe a buying position would be the best choice. We observed a strong DXY performance during the London session. Additionally, there's a robust support area for gold around 1944. I've already entered my position with a stop loss at 1942 and a take profit at 1953. I've set the take profit at 1953 because I trade based on supply and demand principles.

Trade active

entry 1944
sl 1942
tp 1953

Note

Coudn't break dxy 103.500 good for us

Note

We are currently experiencing some struggles to stay below the 78% line, but as long as we don't close above it, I don't see any issue.

Note

We have now witnessed the initial rejection move on DXY at 103.500, which is favorable for our position.

Note

We are currently facing some struggle as there doesn't seem to be a clear trend. I believe the news will provide us with the direction we need.

Note

After gaining the first 10 pips, I'm considering moving the stop loss to breakeven due to the upcoming news.

Note

closed 30% and let the other 70% run risk free.

Trade closed manually

I'm out breakeven

ElliotXSolana

Also on:

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.

ElliotXSolana

Also on: