GOLD Hits $2,300 Support Zone as Fed Officials Maintain Hawkish

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🟡 Gold pushed lower to around $2,300 on Wednesday as investors weighed comments from Federal Reserve (Fed) officials, who remain hesitant to cut interest rates amid persistently high inflation. This reluctance by the Fed to reduce rates has exerted downward pressure on gold prices.

However, the Commitment of Traders (COT) report reveals strong institutional interest in gold, indicating a substantial long position. Additionally, the price has reached a significant demand area that aligns with the 78.6% Fibonacci retracement level at the $2,300 support zone. This convergence of factors is further supported by a divergence, suggesting a potential bullish reversal.

Given these conditions, we are considering adding another long position in gold from this point, anticipating a rebound from the current support level.

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Ghi chú

✅ Looks Good !

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Đóng lệnh: đạt mục tiêu

✅ Close 50% Second Position and Move SL to Breakeven

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Giao dịch đang hoạt động

✅ STILL GOOD

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Giao dịch đang hoạt động

✅ I'm Moving SL to Breakeven

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Đóng lệnh: đạt mục tiêu

✅ I'm Closing 100% Both Positions. Great profit...