GOLD - Correction Said
Gold prices are rising due to increased safe-haven demand and a weaker U.S. dollar, following President Joe Biden's decision to end his reelection bid. Gold futures increased by 0.2% to $2,403.60 per troy ounce on Monday, reaching a record high last week. This rise is driven by expectations that the Federal Reserve will cut interest rates in September. Investors are using gold as a hedge against market uncertainties, and a softer U.S. dollar makes bullion more attractive to foreign buyers. This week, traders will focus on U.S. GDP figures and PCE price index data for signs of easing price pressures ahead of the Federal Reserve's meeting on July 30-31.
Generally, the direction is in an upward trend because it is still trading above 2391 so the rising chance is increasing.
Downtrend Side: as long as trade is under 2430 and 2420, will try to touch 2391 and under it 2369. and also maybe before the downtrend, the price does its correction toward 2420.
Uptrend Side: the price should stabilize above 2430, especially above 2466, and thus touch the new high level again.
Tendency Keys: 2430
Generally, the direction is in an upward trend because it is still trading above 2391 so the rising chance is increasing.
Downtrend Side: as long as trade is under 2430 and 2420, will try to touch 2391 and under it 2369. and also maybe before the downtrend, the price does its correction toward 2420.
Uptrend Side: the price should stabilize above 2430, especially above 2466, and thus touch the new high level again.
Tendency Keys: 2430
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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