Gold Trading Strategy 17/08/2023
Gold prices are currently in a defensive position, facing pressure near recent multi-day lows and key technical levels.
The price of gold has been consistently trading within the significant resistance zone of $1900 but has been unable to surpass it. The overall trend over a long period still indicates a downward correction, so it would be advisable to employ selling strategies.
Nevertheless, it is recommended to only engage in short-term scalping due to the possibility of gold experiencing an upward surge after being accumulated below the $1900 area for an extended period.
The price of gold has been consistently trading within the significant resistance zone of $1900 but has been unable to surpass it. The overall trend over a long period still indicates a downward correction, so it would be advisable to employ selling strategies.
Nevertheless, it is recommended to only engage in short-term scalping due to the possibility of gold experiencing an upward surge after being accumulated below the $1900 area for an extended period.
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