Has the uptrend formed again?
Updated
⚡️Market news
The US Dollar Index (DXY) retreated from recent six-month highs, trading lower around 105.20.
Gold prices attracted some buying for the third straight day on Monday and gradually rebounded near the $1,930 supply zone during the Asian session. XAU/USD may now be looking to build on the recent decent recovery from the $1,900 round figure.
However, the possibility of a significant downside correction in the greenback appears to be limited, with market participants cautious given the US Federal Reserve's (Fed) hawkish stance on monetary policy.
⚡️Optimus's point of view
Gold trading is limited to the price range of 1935$ - 1900$ and is finding a way out of this range.
In the short term, we will set up Sell orders around 1930$ - 1935$. Buy orders will be established at 1912$ and 1900$. This morning gold rose to 1930 with the weakening of the dollar. However, the 1934 psychological level is still maintaining its position
⚡️Plan trading
SELL GOLD 1931-1935
SL 1940
TP 1920
BUY GOLD 1918-1915
SL 1908
TP 1930
⚡️Note
Full SL settings for trading signals
Divide the trading volume to enter around the price range
If you feel the profit is enough, you can close 1/2 and move Sl to entry
The US Dollar Index (DXY) retreated from recent six-month highs, trading lower around 105.20.
Gold prices attracted some buying for the third straight day on Monday and gradually rebounded near the $1,930 supply zone during the Asian session. XAU/USD may now be looking to build on the recent decent recovery from the $1,900 round figure.
However, the possibility of a significant downside correction in the greenback appears to be limited, with market participants cautious given the US Federal Reserve's (Fed) hawkish stance on monetary policy.
⚡️Optimus's point of view
Gold trading is limited to the price range of 1935$ - 1900$ and is finding a way out of this range.
In the short term, we will set up Sell orders around 1930$ - 1935$. Buy orders will be established at 1912$ and 1900$. This morning gold rose to 1930 with the weakening of the dollar. However, the 1934 psychological level is still maintaining its position
⚡️Plan trading
SELL GOLD 1931-1935
SL 1940
TP 1920
BUY GOLD 1918-1915
SL 1908
TP 1930
⚡️Note
Full SL settings for trading signals
Divide the trading volume to enter around the price range
If you feel the profit is enough, you can close 1/2 and move Sl to entry
Note
Gold declined from its highest level in a week, with the resistance at $1,930 continuing to hold. The price of gold dropped from its weekly high achieved on Monday, despite a lack of follow-through. The cautious market sentiment reinforced safe-haven demand for XAU/USD amidst modest US dollar weakness.Trade active
Activate the Golden SELL strategyNote
Breaking the gold border to one side becomes a trend of fluctuations in the short term. The price of gold closed on Monday at an expected high of $1,932, confirming a reversal from its lowest level in three weeks.
Therefore, there is currently potential for further price increases to reach a peak in September at $1,953 if Gold can sustainably surpass the slight increase at $1,945.
An uptrend has been formed, because the current downtrend is not strong, so the possibility of an increase is only in the short term
Note
Trade closed: target reached
True to my analysis, gold broke out through the 1930 price range and formed a short-term uptrend. Today is a day without much news so gold will not fluctuate strongly.Gold SELL strategy +70 pips, congratulations for waiting for my strategy. Continue to keep the signal to TP
Note
The 1930 support zone has been retested many times. It is likely that gold will break this support zone and fall sharplyTrade active
FIBO 1.618 clearly shows the gold trend will find 1950 in today's trading session. You can set up a sell order for 1950 gold for tonight's news tradeTrade closed: stop reached
The analytical strategy was absolutely correct. Please follow my latest strategy
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