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13.09.2022 12:14 PM
Trading tips for gold

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Previous trading tips in gold pointed to a price decrease towards $1675 and below. It was based on the continuation of the downward trend, as well as on the levels left unbroken by buyers at different times.

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Currently, there are two such levels. The first is the monthly high at $1687, while the second is the yearly high at $1675.

Today's data from the US will be decisive for the market. The official report on inflation will certainly affect the plans of the Fed on interest rates.

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Indicators show that there is likely a sell-off during the US trading session.

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There are two possible scenarios:

1. Traders will take short positions, with stop loss at $1734. Then, they will exit the market when the quote reaches $1675.

2. After the release of the US inflation report, traders will sell gold until the price reaches $1675.

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck and have a nice day! Don't forget to control the risks!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
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