2023-07-30 09:44:51
Recommendation for the week gold once morest the dollar
The risk is 0.35%. The sale transaction of last week was activated, and a profit was made as the price moved towards the target, moving the stop loss point to the entry point and closing half of the contracts. The sale transaction of last week was activated, and it is still in progress
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Best buy entry points
Entering a buy transaction with a pending order from 1940 levels. The best point points to place a stop loss close below 1917 levels. Move the stop loss to the entry area and continue to profit with the price moving by 12 dollars. Close half of the contracts with a profit equal to 15 dollars and leave the rest of the contracts until levels The strong resistance is at 1980.
Best selling entry points
Entering a sale transaction with a pending order from 1977 levels. The best points to place a stop loss close the highest levels of 1990. Move the stop loss to the entry area and continue to profit with the price moving by 12 dollars. Close half of the contracts with a profit equal to 15 points and leave the rest of the contracts until support levels 1930.
gold analysis
Gold prices declined during the entirety of last week’s trading, as the new hike in the interest rate in the United States of America as well as by the European Central Bank increased pressure on gold prices, as investors tend to interest-bearing assets that become a more attractive investment compared to gold, which is Store for the apical with high interest rates. Over the past week, the Federal Reserve’s Federal Open Market Committee decided to raise interest rates by 25 basis points on Wednesday, bringing the interest rate to a 22-year high. And that’s following he kept the interest rate steady at the June policy meeting. The Fed’s decision was widely expected and was already priced in by the markets, as Jerome Powell stated that future interest rates will be determined by the data. The next day, the European Central Bank joined the Federal Reserve, raising interest rates by 25 basis points, amid expectations of a new hike in interest rates during the month of September.
On the technical side, Gold price declined during last week’s trading, before recording some bullish correction ahead of the weekly closing. Whereas, the price fell to break the bullish trend line on the 240-minute timeframe, shown on the chart. Currently, gold is trading between strong support levels that are concentrated at 1952 and 1937, respectively. On the other hand, the price is trading below the resistance levels that are concentrated at 1962 and 1977, respectively. At the same time, the price is trading above the 50, 100, and 200 moving averages on the daily time frame, while it is trading between these same moving averages on the four-hour time frame, respectively, in a sign of the divergence that the price records in the medium term. We expect gold to rise in order to retest the resistance levels shown before falling once more. Please maintain capital management and enter into a buying and selling transaction according to the daily developments of gold news that we will note on a daily basis.
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