Recommendation of the week gold once morest the dollar
- The risk is 0.35%.
- The sell trade was activated last week and a profit was made with the introduction of the stop loss point and the closing of half the contracts
Best entry points buy
- Entering a long position with a pending order from levels 1790
- Best pip points to place stop loss closing below 1777 levels
- Move the stop loss to the entry area and continue to profit as the price moves by $12.
- Close half of the contracts with a profit of $15 and leave the rest of the contracts until the strong resistance levels at 1820.
Best selling entry points
- Entering a short position with a pending order from 1842 levels.
- Best pip points to place a stop loss close the highs of 1869
- Move the stop loss to the entry area and continue to profit as the price moves by $12.
- Close half of the contracts with a profit of 15 pips and leave the rest of the contracts until the support levels 1790.07.
gold analysis
The price of gold fell over the past week, as investors followed Jerome Powell’s remarks before the Congressional Banking Committee, where the Federal Reserve Chairman insisted that he expects the interest rate increase to continue until the end of 2022. At the same time, the International Monetary Fund on Friday revised its forecast for US economic growth for the year 2022 from 3.7% to 2.9% due to the Federal Reserve increasing the pace of interest rate hikes. The International Monetary Fund has also confirmed that the US will narrowly avoid a recession, with the country’s GDP expanding by 1.7% in 2023 and 0.8% in 2024. Gold did not record strong declines, with a contrast in the financial markets, as the dollar recorded a decline during last week’s trading, while the stock markets rebounded, especially on Wall Street.
On a technical level Gold price declined as the precious metal traded below the 50, 100 and 200 moving averages, respectively, on the 60-minute and four-hour time frame, as well as on the daily time frame. In reference to the general bearish trend. Gold is also trading below the falling trend line on the four-hour time frame. At the same time, gold is trading at the highest support levels that are concentrated at 1822 and 1807 levels, while it is trading below the resistance levels that are concentrated at 1844 and 1856, respectively. We expect gold to decline following, especially if trading continues below the descending trend line. Please maintain capital management and enter into buying and selling transactions according to the daily developments of gold news, which we will note on a daily basis.
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