Gold prices retraced after testing the resistance level at 1960, further validating earlier signals of a potential reversal. Today, several exchanges observed dips below the 1920 region. Upon inspection, I noticed that the FTMO fund also experienced this dip, but it wasn't reflected in the charts from Forex.com and OANDA. Despite acknowledging this anomaly, we choose not to factor it into our analysis at the moment.
As of now, our short positions remain active, and the overall market conditions still favor our strategy. It is advisable to maintain current positions, with the short-term target remaining around 1900. To mitigate risks, you may contemplate adjusting the stop-loss (SL).
As of now, our short positions remain active, and the overall market conditions still favor our strategy. It is advisable to maintain current positions, with the short-term target remaining around 1900. To mitigate risks, you may contemplate adjusting the stop-loss (SL).
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FXTM market analyst Lukman Otunuga has stated that gold experienced its most challenging trading week in the last six weeks, with the tightening of monetary policies posing an even more significant obstacle for the precious metal.
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Bart Melek, commodity strategist at TD Securities, commented that the comments of the Chairman of the US Federal Reserve (FED) have supported two significant factors hindering gold: the USD and rising bond yields. increase.
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