Recommendation of the week gold versus dollar
- The risk is 0.35%.
- The sell order of last week’s recommendation was triggered and a profit was made by moving the stop loss point and closing half of the contracts at a profit.
Best Buy entry points
- Enter a long position with a pending order of 1609 levels.
- The best pip points to place the stop loss near 1595 levels.
- Move the stop loss to the entry area and continue to profit as the price moves $ 12.
- Close half of the contracts with a profit of $ 15 and leave the rest of the contracts up to the strong resistance level at 1660.
The best-selling entry points
- Enter a short position with a pending order of 1670 levels.
- The best place to place a stop loss is to close the highs of 1788.
- Move the stop loss to the entry area and continue to profit as the price moves $ 12.
- Close half of the contracts with a profit of 15 pips and leave the rest of the contracts up to the support levels of 1629.
gold analysis
The price of gold declined during last week’s trading as the dollar witnessed some recovery after its previous declines. Investors followed the decision of the European Central Bank last week, which decided to raise the interest rate by 75 basis points in the context of the tightening of the monetary policy that the Bank is pursuing to control high inflation rates on the European continent. . Meanwhile, traders are bracing for the US Federal Reserve rate hike expected in next week’s trading as the central bank continues to fight inflation. Investors followed data released last week which included the annual personal consumption spending index rising slightly more than expected, up $ 113 billion or 0.6% in September from the previous month. Indicators of economic activity in the US have generally been disappointing for the state of the economy, which reduces the chances of a strong Fed rate hike that could put pressure on the dollar, contributing to the recovery of gold.
On a technical level The trading price of gold has declined over the past week as gold has continued to trade between strong support levels concentrated starting at the 1629, 1621 and 1613 levels respectively. On the other hand, gold is trading at below the resistance levels which are concentrated at 1671, 1677 and 1682 respectively. Meanwhile, gold is trading below the moving averages of 50, 100 and 200, respectively, on the daily time bands, as well as on the four-hour and daily time bands, in the sign of the general downtrend that the precious metal is recording. Gold also recorded a breach of the ascending channel in the four-hour time frame, shown in the chart. We expect gold to continue fluctuating as long as the aforementioned resistance or support levels are not breached or broken. Please keep the capital management and enter the buy and sell transaction according to the daily developments of the gold news which we will mention daily.
The chart was generated by .platform TradingView
