GOLD TRADING IDEA 21 NOVEMBER

2022年11月21日Trade idea gold 21 November.

- Optimistic numbers of retail sales pushed dollar higher with further hawkish remarks from Fed speakers did not let dollar to break below weekly support and demand zone at 106, keeping it stable for now,

This week over some PMI focus and economic overall US data, there is Fed meeting minutes that will give us better indication on whether they are still keeping their tone hawkish or dovish. 50 BPS point is being priced in,

-Chicago Fed National activity index today looking for the same number as previous.

After a strong impulsive upside move, buyers were in control till price reached 1780 where is present a lot of sell orders waiting to be activated. Buyers started to fade out, and more sellers jump back in to provide that exit liquidity and now currently on its way to revisit 1730.

We’ll be looking to play a continuation of the bearish structure.

Trade set-ups for today.

Pullback 1756 - 54 sell

Deeper pullback to 1763-64 is sell zone

Break and back test below 1747 is sell zone

Buy breakout only above 1172-73.

Sell at previous buyer's exhaustion zone 1784-1785.