Today’s recommendation on gold against the dollar
- risk 0.50%
- None of the buy or sell deals were activated on Thursday
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The price of gold is moving quickly
Trade gold now and take advantage of the opportunity!
Best selling entry points
- Entering a sell order pending order from 1780 levels.
- Place a stop loss point, closing the 60-minute candle above the support levels 1790.
- Move the stop loss to the entry area and continue to take profit as the price moves by $10.
- Close half of the contracts with a profit equal to 10 dollars and leave the remaining contracts until the strong resistance levels at 1840.
Best buy entry points
- Entering a pending buy order from 1715 levels
- Best pips points to place a stop loss closing 60 minutes an hour below 1705 levels.
- Move the stop loss to the entry area and continue to take profit as the price moves by $10.
- Close half of the contracts with a profit equal to 10 dollars and leave the rest of the contracts until the support levels 1740.
gold analysis
Gold fell during the early trading of Monday, as investors await the publication of the minutes of the Federal Reserve meeting next Wednesday. Fed members had issued a number of statements regarding the interest rate and monetary tightening. Rafael Bostick said he is ready to “walk away” from a 75bp rate hike at the next meeting, until inflation drops to 2%. As Suzanne Collins stated, she is confident that the Fed will be able to calm inflation without hurting the country’s job market. While Neel Kashkari’s comments were more hawkish as he is not convinced by the positive inflation data that comes out for one month, the Fed may stop raising interest rates if inflation slows down. In the meantime, the dollar rose, while gold and stock markets declined, as investors tended to the dollar until the issuance of final signals during the publication of the Federal Reserve’s minutes.
technical level The price of gold declined during the early trading, as gold rebounded from the strong supply areas shown on the chart, in a way to retest the downside trend line on the time frame of the day, which was previously breached by the price, shown through the attached chart. Gold also trades at the highest support levels, which are concentrated at 1729 and 1715, respectively. On the other hand, the precious metal is trading below the resistance levels that are concentrated at 1765 and 1781, respectively. Meanwhile, the precious metal continued to trade between moving averages 50, 100, and 200, respectively, on the daily and 4-hour time frames, while the bull is trading below these averages on the 60-minute time frame, in a sign of the divergence recorded by gold. We expect gold to decline to retest the broken trend line, especially if it settles below the mentioned resistance levels. Please adhere to the numbers in the recommendation, with the need to maintain capital management.
Graph generated by platform TradingView
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