GOLD (May 24) Many disadvantages "encircled", Gold still turned

Gold prices are struggling to maintain their rebound from the previous day's short-term support level, with bids hovering around $1,975 at the start of the day. The precious metal is waiting for new clues to support the latest pause in the US dollar's recent rally to multi-day highs, as revealed in the FOMC meeting minutes.

Breaking the resistance level of $1,985 could challenge gold buyers before reaching the monthly high. Conversely, continuous breaches of the $1,954 support level may push gold prices to their lowest level at around $1,934 before ceding control to the bearish camp.

In that case, the Fibonacci 61.8% retracement level from March to May at around $1,911 could provide a temporary stop for sellers. Overall, gold prices have the potential to rise, but the upside is still limited.

Commentaire:

⭐️Technically, gold is touching the trendline preventing the uptrend from continuing. The solution now is to wait for Gold to break the trend, then wait for the Test price to return to enter a Buy order

✅Buy order in the $1,975-$1,972 price zone when the support zone is approached.
✖️Stoploss: $1,968.

AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!

Commentaire:

🔴Strategy failed !

Commentaire:

⭐️Strategy update for today's FOMC newsletter

✅Buy order in the $1,934-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,930.

✅Sell ​​the $1,996-$1,994 range when the price hits the resistance area.
✖️Stoploss: $2,000.

AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!