👑 Ideas For #XAUUSD / #GOLD
📈 Is it worth going up against knives? No trading history
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GOLD continues to renew its high without any strong pullbacks. Buyers continue to behave quite aggressively before strong news. But everywhere there are risks and BUT!!!
There is a lot of news ahead before the important Fed meeting on interest rates, where they are likely to be cut. The question of “by how much” remains open, as weaker data (25 basis points) could trigger an unexpected reaction in the market that could lead to a correction....
But before that we have to face retail sales, CPI, FOMC.... Volatility will be elevated in the week ahead....
BUT! For intraday trading right now, there is such a problem as lack of history. You need to build a strategy from the general technical and fundamental background, as well as from local levels and key zones. BUT! The market is strongly bullish and before the news there can be both profit-taking and continuation of the rally....
Resistance levels: 2588, 2600, 2610
Support levels: 2577, 2573, 2563
The local range 2588 - 2577 is being formed. Before the news, traders may go into a consolidation phase, but we should keep an eye on the dollar, if it starts its downward flight, gold will react accordingly. Accordingly, a breakout of the local range boundaries may trigger a move to one side or the other.
REMEMBER! The market is bullish! Selling without proper reasons is the same as going against knives
📈 Is it worth going up against knives? No trading history
———————————————
GOLD continues to renew its high without any strong pullbacks. Buyers continue to behave quite aggressively before strong news. But everywhere there are risks and BUT!!!
There is a lot of news ahead before the important Fed meeting on interest rates, where they are likely to be cut. The question of “by how much” remains open, as weaker data (25 basis points) could trigger an unexpected reaction in the market that could lead to a correction....
But before that we have to face retail sales, CPI, FOMC.... Volatility will be elevated in the week ahead....
BUT! For intraday trading right now, there is such a problem as lack of history. You need to build a strategy from the general technical and fundamental background, as well as from local levels and key zones. BUT! The market is strongly bullish and before the news there can be both profit-taking and continuation of the rally....
Resistance levels: 2588, 2600, 2610
Support levels: 2577, 2573, 2563
The local range 2588 - 2577 is being formed. Before the news, traders may go into a consolidation phase, but we should keep an eye on the dollar, if it starts its downward flight, gold will react accordingly. Accordingly, a breakout of the local range boundaries may trigger a move to one side or the other.
REMEMBER! The market is bullish! Selling without proper reasons is the same as going against knives