XAUUSD The reduction strategy continues
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XAUUSD
Technically, Gold price remains exposed to downside risks, as the 14-day Relative Strength Index (RSI) continues to hold below the midline, despite the latest bounce.
A hot US inflation report will revive the selling interest around the Gold price, smashing it through the key support near the $1,910 region to challenge the critical 200-Daily Moving Average (DMA) at $1,900.
A sustained break below the latter will put the June 29 low of $1,883 to the test.
Only the downbeat US CPI data could rescue Gold buyers from monthly lows, with the recovery likely to face an initial hurdle at the $1,930 round figure, above which the downward-sloping 50-DMA at $1,944 could be challenged.
The next significant upside barrier is seen at the $1,950 psychological level.
Today's strategy is to SELLXAUUSD around 1929 - 1931
SL : 1940
TP 1: 1926
TP 2: 1923
TP 3: 1920
Install TP, SL to win and preserve profits
XAUUSD Technically, Gold price remains exposed to downside risks, as the 14-day Relative Strength Index (RSI) continues to hold below the midline, despite the latest bounce.
A hot US inflation report will revive the selling interest around the Gold price, smashing it through the key support near the $1,910 region to challenge the critical 200-Daily Moving Average (DMA) at $1,900.
A sustained break below the latter will put the June 29 low of $1,883 to the test.
Only the downbeat US CPI data could rescue Gold buyers from monthly lows, with the recovery likely to face an initial hurdle at the $1,930 round figure, above which the downward-sloping 50-DMA at $1,944 could be challenged.
The next significant upside barrier is seen at the $1,950 psychological level.
Today's strategy is to SELL
XAUUSD around 1929 - 1931SL : 1940
TP 1: 1926
TP 2: 1923
TP 3: 1920
Install TP, SL to win and preserve profits
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