Gold forms wave 5 of the Elliot wave
Diupdate
☘️Fundamental analysis
At the beginning of the Asian trading session on July 25, gold fell deeper than 1%, as of the time this article was completed, gold was trading at 2,372 USD, equivalent to a decrease of 25Dollar during the day.
But times have changed and things have changed now so I changed my mind. The Fed should cut interest rates, preferably at its interest rate meeting next week.
Gold traders are now awaiting second-quarter US GDP data today (Thursday), as well as the latest personal consumption expenditures (PCE) price index on Friday, as this is the gauge Fed's preferred inflation.
Although gold has been supported by news from India that has reduced import tax on gold and silver from 15% to 6%. But the main reason why gold prices are still being sold off is partly due to profit-taking motivation, and a Partly because Trump's victory will support the Dollar, Trump is known as the President with a harsh tariff stance.
The main factor currently supporting gold prices is market expectations that the Federal Reserve may actually decide to cut interest rates before September.
☘️Technical analysis
After reaching the 0.5 Fibo retracement zone of the gold downtrend, wave 5 has formed and we are waiting for the end of wave 5 to catch the recovery wave. Note support points to BUY around 2363-2362. If this price range is broken, the next strong support zone is around 2350.
Gold has formed a falling price channel with key resistance levels at 2384 and 2400. Today's price range zones are used to trade news and enter orders when the signal touches an important price zone.
Trading signals
SELL zone 2398 - 2400 Stoploss 2404
SELL zone 2382-2384 stoploss 2387
BUY zone 2364 - 2362 stoploss 2358
BUY zone 2352 - 2350 stoploss 2346
Wishing you a successful trading day
At the beginning of the Asian trading session on July 25, gold fell deeper than 1%, as of the time this article was completed, gold was trading at 2,372 USD, equivalent to a decrease of 25Dollar during the day.
But times have changed and things have changed now so I changed my mind. The Fed should cut interest rates, preferably at its interest rate meeting next week.
Gold traders are now awaiting second-quarter US GDP data today (Thursday), as well as the latest personal consumption expenditures (PCE) price index on Friday, as this is the gauge Fed's preferred inflation.
Although gold has been supported by news from India that has reduced import tax on gold and silver from 15% to 6%. But the main reason why gold prices are still being sold off is partly due to profit-taking motivation, and a Partly because Trump's victory will support the Dollar, Trump is known as the President with a harsh tariff stance.
The main factor currently supporting gold prices is market expectations that the Federal Reserve may actually decide to cut interest rates before September.
☘️Technical analysis
After reaching the 0.5 Fibo retracement zone of the gold downtrend, wave 5 has formed and we are waiting for the end of wave 5 to catch the recovery wave. Note support points to BUY around 2363-2362. If this price range is broken, the next strong support zone is around 2350.
Gold has formed a falling price channel with key resistance levels at 2384 and 2400. Today's price range zones are used to trade news and enter orders when the signal touches an important price zone.
Trading signals
SELL zone 2398 - 2400 Stoploss 2404
SELL zone 2382-2384 stoploss 2387
BUY zone 2364 - 2362 stoploss 2358
BUY zone 2352 - 2350 stoploss 2346
Wishing you a successful trading day
Catatan
BUY 2362-2364 + 30 pipsCatatan
Catatan
BUY Plan Hit TP +200 pipsTrading ditutup: target tercapai
Catatan
A combination of supporting factors assists the Gold price to attract buyers for the second successive day.The USD remains depressed amid the September Fed rate cut bets and acts as a tailwind to the XAU/USD.
Geopolitical risks further lend support to the safe-haven precious metal, though bulls remain on the sidelines.
Trading ditutup: target tercapai
Catatan
Catatan
Gold price gains on Middle East tensions, focus is on Fed policyGold price (XAU/USD) exhibits a strong performance in Wednesday’s European session, with investors focusing on the Federal Reserve’s (Fed) monetary policy outcome later the day.
Trading ditutup: target tercapai
Catatan
Trading ditutup: target tercapai
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