Gold has reacted strongly to the Consumer Price Index (CPI), but it has now absorbed all buying volume, and the buying side is very weak at the resistance zone of 1955-1960.
This sets up a beautiful SELL order for us towards the price level of 1920.
You should remember that the price of gold is still in a strong downward trend. And what happens when the Fed significantly reduces interest rates?
Trading idea: Place a sell order at the current price level, expecting two downward movements before reaching 1920. The key touch points will be 1942, 1932, and 1920.
Sell Gold at price zone: 1958-1961
Stop Loss (SL): 1968
Take Profit (TP): 1942 - 1932 - 1920
This sets up a beautiful SELL order for us towards the price level of 1920.
You should remember that the price of gold is still in a strong downward trend. And what happens when the Fed significantly reduces interest rates?
Trading idea: Place a sell order at the current price level, expecting two downward movements before reaching 1920. The key touch points will be 1942, 1932, and 1920.
Sell Gold at price zone: 1958-1961
Stop Loss (SL): 1968
Take Profit (TP): 1942 - 1932 - 1920