Gold week 43 (October 23-27, 2023)
The complicated situation of the war between Israel and Hamas caused gold price to increase sharply, however, if the conflict cools down, gold will be at risk of selling off.
Week 43 has news about the US's GDP in the third quarter of 2023 with a forecast of a sharp increase from 2.3% to 4.3%, the predicted news is beneficial for the USD power and will put downward pressure on gold prices if the published data is better in compare with the previous period.
Regarding technical analysis, gold reached the strong resistance zone of 199x-2000 and had a correction back to 196x, showing that the selling force in this zone is still strong. If gold cannot break this zone, it will likely decrease to the 195x zone and further to 192x.
Main trend: up
Price reach strong resistance, it is expected that there will be a correction > sideway gradually decreases
Main plan of the week:
1. Plan buy:
+ Buy 1949-1951 SL 1945
+ Buy 1925-1927 SL 1922
TP 80-100-150 pip per plan
2. Plan sell:
+ Sell 1983-1985 SL 1988
+ If it is confirmed today that the price does not break the 1972-1974 range, then sell 1972-1974 SL 1977
TP 80-100-150 pip per plan.
During this period, the price range of gold is quite wide, so you should pay attention to tight capital management and do not forget to setup Stoploss.
Wishing everyone smooth and successful trading!
The complicated situation of the war between Israel and Hamas caused gold price to increase sharply, however, if the conflict cools down, gold will be at risk of selling off.
Week 43 has news about the US's GDP in the third quarter of 2023 with a forecast of a sharp increase from 2.3% to 4.3%, the predicted news is beneficial for the USD power and will put downward pressure on gold prices if the published data is better in compare with the previous period.
Regarding technical analysis, gold reached the strong resistance zone of 199x-2000 and had a correction back to 196x, showing that the selling force in this zone is still strong. If gold cannot break this zone, it will likely decrease to the 195x zone and further to 192x.
Main trend: up
Price reach strong resistance, it is expected that there will be a correction > sideway gradually decreases
Main plan of the week:
1. Plan buy:
+ Buy 1949-1951 SL 1945
+ Buy 1925-1927 SL 1922
TP 80-100-150 pip per plan
2. Plan sell:
+ Sell 1983-1985 SL 1988
+ If it is confirmed today that the price does not break the 1972-1974 range, then sell 1972-1974 SL 1977
TP 80-100-150 pip per plan.
During this period, the price range of gold is quite wide, so you should pay attention to tight capital management and do not forget to setup Stoploss.
Wishing everyone smooth and successful trading!