Manage your risk very well on short positions as i mentioned earlier Guys …
keep in mind 1766 is still bulls target on the current wave …
Market is now using 1728 as support ..
Sellers need to wait for the proper break of that zone …
Caution ⚠️
We have CPI DATA NEWS soon , there will be high volatility, make sure to use proper Stoploss’s
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See you next week
XAU High @1675.45
Stoploss missed few pips … still waiting if it can fall from here as 1675 is a weekly resistance zone
Weekly report
Sell Gold. +100pips✅✅
Sell Gold. -30pips❗️
Buy Gold. +100pips✅✅
Sell Gold. +120pips✅✅
Buy Gold. +50pips✅✅
Sell Gold. +50pips✅✅
Sell Gold. -30pips❗️
Buy Gold. +180pips✅✅
Sell Gold. +100pips✅✅
Sell Gold. -80pips❗️
Sell Gold. +50pips✅✅
Sell Gold. -100pips❗️
Total Gain = 750 pips✅✅
Total loss. = 240 pips
Net Gain = 510pips✅✅
Technical view ✅✅
,price got rejected from the main weekly support zone @1621, all those lower moves below 1621 were fake outs.
So simply sellers needs to wait for a new lower low to enter as a target 🎯 1570 is waiting clearly on the table ✅
Otherwise sellers need to wait the next good resistance level around
1655
Fundamentals ✅✅
The fed is deleivering it’s fourth consecutive 75-basis point rate hike , this hauld the federal funds rate to a target range of 3.75 - 4 % . This could lead for Gold price to plunge below 1600 .