Trading Plan for September 14, 2023
Global gold prices have experienced considerable turbulence in the early hours today. Spot gold prices dropped by $4.5 to reach $1,908.2 per ounce, while the last recorded trading price for future gold was $1,932.5 per ounce, down by $2.6 compared to the previous morning. This has led to questions about how the latest U.S. inflation data is affecting the gold market.
To be specific, during the evening trading session on September 13 (Vietnam time), gold prices faced pressure due to the U.S. Consumer Price Index (CPI). The CPI data for August showed a 3.7% increase compared to the same period last year, and the core CPI (which excludes food and energy) increased by 4.3% during the same period. This exceeded initial predictions, causing concerns about inflation in the market.
Impact on the Gold Market:
Pressure on Interest Rate Increases: The unexpectedly high CPI data has prompted the market to consider the possibility of the U.S. Federal Reserve (Fed) raising interest rates sooner than anticipated. The gold market is known for its sensitivity to interest rate hikes because higher interest rates can diminish gold's attractiveness compared to other investment options.
Support Levels: $1,907.30, $1,893.90, $1,884.70
Resistance Levels: $1,921.80, $1,933.30, $1,944.85
Trading Strategy:
Buy XAUUSD in the price range of $1,906 - $1,909.
Place a Stop Loss at $1,904
Set Take Profit 1 at $1,915
Set Take Profit 2 at $1,920
Set Take Profit 3 at $1,925
Sell XAUUSD in the price range of $1,928 - $1,931.
Place a Stop Loss at $1,933
Set Take Profit 1 at $1,920
Set Take Profit 2 at $1,915
Set Take Profit 3 at $1,910
Note: Always risk 1% of your account to ensure proper capital management. Do not risk more than 5% of your capital within the nearest 10 price levels. Remember to set a stop loss in all situations and trade within your current capital level.
It is crucial to manage your risk and make well-informed decisions when trading in volatile markets. Adapt this strategy according to your risk tolerance and the prevailing market conditions. Additionally, keep in mind that market conditions can change rapidly, so stay updated on the latest news and developments.
Global gold prices have experienced considerable turbulence in the early hours today. Spot gold prices dropped by $4.5 to reach $1,908.2 per ounce, while the last recorded trading price for future gold was $1,932.5 per ounce, down by $2.6 compared to the previous morning. This has led to questions about how the latest U.S. inflation data is affecting the gold market.
To be specific, during the evening trading session on September 13 (Vietnam time), gold prices faced pressure due to the U.S. Consumer Price Index (CPI). The CPI data for August showed a 3.7% increase compared to the same period last year, and the core CPI (which excludes food and energy) increased by 4.3% during the same period. This exceeded initial predictions, causing concerns about inflation in the market.
Impact on the Gold Market:
Pressure on Interest Rate Increases: The unexpectedly high CPI data has prompted the market to consider the possibility of the U.S. Federal Reserve (Fed) raising interest rates sooner than anticipated. The gold market is known for its sensitivity to interest rate hikes because higher interest rates can diminish gold's attractiveness compared to other investment options.
Support Levels: $1,907.30, $1,893.90, $1,884.70
Resistance Levels: $1,921.80, $1,933.30, $1,944.85
Trading Strategy:
Buy XAUUSD in the price range of $1,906 - $1,909.
Place a Stop Loss at $1,904
Set Take Profit 1 at $1,915
Set Take Profit 2 at $1,920
Set Take Profit 3 at $1,925
Sell XAUUSD in the price range of $1,928 - $1,931.
Place a Stop Loss at $1,933
Set Take Profit 1 at $1,920
Set Take Profit 2 at $1,915
Set Take Profit 3 at $1,910
Note: Always risk 1% of your account to ensure proper capital management. Do not risk more than 5% of your capital within the nearest 10 price levels. Remember to set a stop loss in all situations and trade within your current capital level.
It is crucial to manage your risk and make well-informed decisions when trading in volatile markets. Adapt this strategy according to your risk tolerance and the prevailing market conditions. Additionally, keep in mind that market conditions can change rapidly, so stay updated on the latest news and developments.
