GOLD (May 26) sinks as U.S. Q1 GDP beats expectations
The price of gold dropped by 1.22% to $1,940 on Comex exchange in response to data release.
Meanwhile, the US economy grew slightly less than expected in Q1 with a 1.3% increase in GDP, exceeding the market expectation of 1.1%. This comes after a 2.6% GDP growth in Q4. Inflation, measured by the PCE index, reached 4.2% in Q1, up from 3.7% in Q4.
The core PCE, which excludes volatile food and energy prices and is the preferred inflation measure of the Federal Reserve, was adjusted to an increase of 5% in the second Q1 estimate, up from 4.4% in Q4.
Meanwhile, the US economy grew slightly less than expected in Q1 with a 1.3% increase in GDP, exceeding the market expectation of 1.1%. This comes after a 2.6% GDP growth in Q4. Inflation, measured by the PCE index, reached 4.2% in Q1, up from 3.7% in Q4.
The core PCE, which excludes volatile food and energy prices and is the preferred inflation measure of the Federal Reserve, was adjusted to an increase of 5% in the second Q1 estimate, up from 4.4% in Q4.
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🟢SELL round 1 + 40pips💲. Round 2
🟢SELL round 1 + 40pips💲. Round 2
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🔴Round 2 strategy failed !
My idea is to wait for a retest of the old support turned resistance area to establish a sell signal. Buy signal when price breaks the support area and comes back to test
⭐️Make a trading plan:
✅Buy order in the $1,929-$1,932 price zone when the support zone is approached.
✖️Stoploss: $1,925.
✅Sell the $1,950-$1,953 range when the price hits the resistance area.
✖️Stoploss: $1,958.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!