Gold is currently sandwiched between the 50-Day EMA above and the 200-Day EMA below. Trading between these moving averages typically indicates heightened volatility. Consequently, choppiness remains a dominant characteristic of the market. It is crucial to approach this uncertain period with prudence, adjusting position sizes accordingly. Unfortunately, volatility shows no signs of abating in the immediate future. In other words, don’t put on big positions yet; professionalism is paramount in the cycle we are in now. I cannot stress this enough.
Ultimately, gold's decline persists, driven by ongoing downward pressure. Traders closely monitor a crucial confluence area near $1900, the 200-Day EMA, and the 61.8% Fibonacci retracement level. However, several factors must align for a potential rebound, including interest rates, the bond market, and the US dollar. Caution is advised and waiting for confirmation of support at the 200-Day EMA is prudent. Failure to hold this level could trigger additional selling. Volatility remains a prominent feature, demanding careful position sizing. It is imperative to monitor the market's development and let the broader landscape stabilize before entering new positions.
XAUUSD
SELL LIMIT 1935 - 1937 💯💯
✅ TP1: 1930
✅ TP2: 1925
✅ TP3: 1920
🛑 SL: 1942
Ultimately, gold's decline persists, driven by ongoing downward pressure. Traders closely monitor a crucial confluence area near $1900, the 200-Day EMA, and the 61.8% Fibonacci retracement level. However, several factors must align for a potential rebound, including interest rates, the bond market, and the US dollar. Caution is advised and waiting for confirmation of support at the 200-Day EMA is prudent. Failure to hold this level could trigger additional selling. Volatility remains a prominent feature, demanding careful position sizing. It is imperative to monitor the market's development and let the broader landscape stabilize before entering new positions.
XAUUSD
SELL LIMIT 1935 - 1937 💯💯 ✅ TP1: 1930
✅ TP2: 1925
✅ TP3: 1920
🛑 SL: 1942
