World gold prices decreased despite the decline in the USD index

7 oct. 2024

💎 Middle East situation: If a military conflict occurs, it is likely that Russia and China will intervene, because they have declared their side to protect Iran. This could push gold prices up sharply due to safe haven demand.

📈 Technically, after yesterday's breakout session, gold's upward momentum has returned, so the main trend of gold price in the near future is still going up.

⚡️ Trading strategy:

Buy Limit orders around two areas 262x and 264x.
Take profit (TP): around the first zone 2645, the second zone at 2665-2670 or higher depending on developments.
Stop loss (SL): below 6 price level for each pending order.

⚠️ Note: Need to closely monitor reactions from the NONFARM report and the geopolitical situation, especially if any tensions escalate in the Middle East, which could cause major fluctuations in gold prices.

7 oct. 2024

Note

💎 XAUUSD Buy 2624 - 2627💎

✔️TP1: 2647
✔️TP2: 2657
✔️TP3: OPEN

🚫SL: 2619

➖➖➖➖➖➖➖➖

💎XAUUSD Sell 2657 - 2655💎

✔️TP1: 2647
✔️TP2: 2637
✔️TP3: OPEN

🚫SL: 2663

7 oct. 2024

Note

💎XAUUSD Sell 2657 - 2655💎 + 200 Pips