“Gold Trading Recommendation: Best Buy and Sell Entry Points”

Recommendation for the week gold against the dollar

• The risk is 0.35%.
• Last week’s buy trade was activated, and it’s still trading
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  The price of gold is moving quickly
  Trade gold now and take advantage of the opportunity!

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Best buy entry points

• Enter a pending buy order from 1914 levels.
• Best pips points to place a stop loss closing below 1900 levels.
• Move the stop loss to the entry area and continue to take profit as the price moves by $12.
• Close half of the contracts with a profit equal to 15 dollars and leave the remaining contracts until the strong resistance levels at 1960.

Best selling entry points

• Entering a sell order pending order from 1980 levels.
• Best pips points to place a stop loss close to 1995 highs.
• Move the stop loss to the entry area and continue to take profit as the price moves by $12.
• Close half of the contracts with a profit equal to 15 pips and leave the remaining contracts until support levels 1915.

The price of gold declined during the past week, reaching its lowest level in two months, amid the approaching negotiations to raise the debt ceiling in the United States and the aggressive stance of monetary policy, which was announced by members of the Federal Reserve over the past week. Early this morning, it was announced that a debt ceiling agreement had been reached in principle. US President Joe Payne commented on the initial agreement as an “important step forward” that reduces spending while protecting the Democrats’ “key priorities and legislative achievements”. It’s a compromise, he admitted, “which means not everyone gets what they want.” “This agreement is good news for the American people because it prevents what could have been a catastrophic default that would have led to an economic recession, destroyed retirement accounts and millions of jobs,” Biden said. He added that the deal would be finalized the next day and urged the House and Senate to pass it “immediately”. This agreement may open the way for gold to record further decline, especially since fears of not reaching an agreement were pushing gold to rise as a safe haven. It is expected that the pressure on gold will increase in light of the statements of the Federal Reserve members about the possibility of raising interest rates at least twice during the current year.

On the technical side Gold price declined in all of last week’s trading, as it trades at the lower border of the bullish channel on the daily time frame, shown on the chart. Gold also trades between support levels that are concentrated at 1935 and 1906 levels, respectively. On the other hand, gold is trading below the resistance levels that are concentrated at 1955 and 1985 levels, respectively. The precious metal is trading between moving averages 50, 100 and 200 on the time frame of today. While the lowest of these averages is trading on the four-hour time frame, as well as on the 60-minute time frame, in a sign of the bearish shift recorded by gold in the medium term. We expect gold to rise to the aforementioned resistance levels, before resuming the decline, please maintain capital management and enter into a buying and selling transaction according to the daily developments of gold news that we will mention on a daily basis.

Graph generated by platform TradingView

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