New trading strategy for gold: increase prices to new high level
Hello comrades, Today gold continues to trade around the 1913 USD mark with not much change compared to yesterday.
From the 1D chart analysis, it can be seen that gold, after a strong price increase last Friday, is showing signs of price retesting after breaking out of the downward trend at 1910 USD.
Currently, the immediate target for gold is gradually approaching the 1905 USD area (close to the operating area of EMA 34 and 89). If this target is achieved and gold maintains stable trading levels there, a new upward trend will occur with the nearest target at 1936 USD, followed by a higher peak at 1980 USD.
From the 1D chart analysis, it can be seen that gold, after a strong price increase last Friday, is showing signs of price retesting after breaking out of the downward trend at 1910 USD.
Currently, the immediate target for gold is gradually approaching the 1905 USD area (close to the operating area of EMA 34 and 89). If this target is achieved and gold maintains stable trading levels there, a new upward trend will occur with the nearest target at 1936 USD, followed by a higher peak at 1980 USD.
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The market is waiting for information from the president of the US Federal Reserve (Fed), Jerome Powell on October 19 when he spoke at the New York Economic Club.
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