Today’s recommendation on gold against the dollar
- risk 0.50%
- None of the purchase or sale agreements were activated on Thursday
announcement
The price of gold is moving fast
Trade gold now and take advantage of the opportunity!
Best selling entry points
- Entering a pending sales order from 1780 levels.
- Place a stop loss point, closing the 60 minute candle above the 1790 support levels.
- Move the stop loss to the entry area and continue taking profit as the price moves $10.
- Close half of the contracts with a $10 profit and leave the remaining contracts until the strong resistance levels at 1840.
The best entry points for purchase
- Entering a pending buy order from 1715 levels
- The best pips aim to place a stop loss by closing 60 minutes per hour below the 1705 levels.
- Move the stop loss to the entry area and continue taking profit as the price moves $10.
- Close half of the contracts with a profit of $10 and leave the rest of the contracts until the 1740 support levels.
gold analysis
Gold fell during early trading on Monday as investors await the release of Federal Reserve meeting minutes next Wednesday. Fed members had made a number of statements regarding the interest rate and monetary tightening. Rafael Bostick said he was ready to “walk away” from a 75 basis point rate hike at the next meeting, until inflation falls to 2%. As Suzanne Collins said, she is confident the Fed will be able to calm inflation without hurting the country’s job market. While Neel Kashkari’s comments were more aggressive as he is not convinced by positive inflation data coming out for a month, the Fed could stop raising interest rates if inflation slows. Meanwhile, the dollar rose, while gold and stock markets fell as investors leaned towards the dollar until the final signals were issued during the release of the Federal Reserve minutes.
technical level The price of gold fell during early trading as gold rebounded from the strong supply areas shown on the chart to retest the downtrend line on the day’s time frame which was previously surpassed by the price, shown through the attached graph. Gold is also trading at the top support levels concentrated at 1729 and 1715 respectively. On the other hand, the precious metal is trading below the resistance levels concentrated at 1765 and 1781 respectively. Meanwhile, the precious metal has continued to trade between the 50, 100 and 200 moving averages on the daily and 4 hour time frames respectively, while the bull is trading below these averages on the 4 hour time frame. 60 minutes, in a sign of the divergence recorded by gold. We expect gold to decline to retest the broken trendline especially if it settles below the mentioned resistance levels. Please stick to the numbers in the recommendation, with the need to maintain capital management.
Chart generated by the platform TradingView
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