XAUUSD : Waiting for the interest rate decision of central banks

Gold prices stabilized as the market awaited the meeting of major central banks this week.

After last week's decline, gold prices are stabilizing as the market awaits central banks' interest rate decisions and upcoming economic data with resistance currently located at $2,040. In case the resistance cannot be overcome, gold could be pushed towards the $2,005 support level. Currently, gold is slightly down to $2,027.

In the long term, gold will be boosted as the Fed cuts interest rates and geopolitical tensions continue to linger.

Gold ETF fund activities:

The SPDR Gold Shares fund had no action on January 23. The fund's holdings remained at 858.93 tons.

Currency:

DXY continues to be supported as the market discounts the Fed rate cut, pushing EUR, GBP, and AUD lower. The upcoming interest rate decisions of the ECB and BoJ could create volatility for major currency pairs.

Trade active:

Sell 2029 - 2031
TP1 : 2025
TP2 : 2020
SL 2037

Comment:

💲Entry 1 Sell (Scalping) : 2025$ - 2027$
💵TP1 : 2020
💵TP2 : 2015
🔴 SL : 2035

💲Entry 2 Sell Limit : 2029 - 2031
💵TP1 : 2025
💵TP2 : 2020
🔴 SL : 2037

Trade active:

💵 Hit Entry 2 Sell

Comment:

Congratulations guys, we had a big win yesterday with over 100 pips.