Gold falls to its lowest level in a month

Today’s recommendation on gold once morest the dollar

• risk 0.50%
• None of the buying or selling transactions of yesterday were activated.
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Best selling entry points

• Entering a short position with a pending order from 1772 levels.
• Place a stop loss point 60 minutes close above the support levels 1785.
• Move the stop loss to the entry area and continue to profit as the price moves by $10.
• Close half of the contracts with a profit of $10 and leave the rest until the strong resistance levels at 1730.

Best buy entry points

• Entering a buy position with a direct order from 1722 levels
• Best pip points to place a stop loss 60 minute hourly close below 1705 levels.
• Move the stop loss to the entry area and continue to profit as the price moves by $10.
• Close half of the contracts with a profit of $10 and leave the rest until the 1772 support levels.

gold analysis

The price of gold declined during the early trading this morning, to complement the strong decline that the precious metal recorded during the end of trading last week, during the Jackson Hole symposium. Where the statements of Jerome Powell and other Fed members were reflected on the markets with their adherence to tighten monetary policy to control the inflation rate. Powell stated that the markets may see some damage until inflation returns to target levels. Federal Reserve member Loretta Meester also stated that she is not convinced that inflation in the United States has reached its peak. Although it reached its highest level in 40 years in June. Meester went on to say that she does not expect a recession, but that growth should be expected below trend for the foreseeable future. Which opens the door to more monetary tightening, which may reflect negatively on gold with the rise of the dollar.

On a technical level The price of gold declined during the early trading today, as gold is heading to retest the descending trend line on the 240-minute time frame shown on the chart. Gold is also trading below the resistance levels at 1726 and 1735. At the same time, gold is trading the highest levels of support, which are concentrated at 1722 and 1714, respectively. Gold also traded below the 200, 100 and 50 moving averages, respectively, on the four-hour time frame, As well as on the 60-minute time frame, and on the time frame of the day, in a sign of the strong decline that gold is recording. We expect it to rise in a minor correction wave before retracing once more. Please adhere to the numbers in the recommendation with the need to maintain capital management.

The chart was generated by . platform TradingView