Gold Today - Scalping in a downtrend
The price of gold is currently hovering around the $1932 mark, showing a downward trend over the past three days. The actions taken by the US Federal Reserve (Fed) caused some volatility today but were unable to reverse the downward trend of XAU/USD due to the hawkish trend.
It's worth noting that if the price drops below $1,932, it could quickly reach the 50% Fibonacci retracement level of the XAU/USD rally from November 2022, which is around the $1,900 mark.
However, there is an ascending support line around $1,895 that could pose a challenge to the bears in the gold market.
As mentioned yesterday, I implemented a selling strategy at $1955 and took profits at $1930. Currently, I have a buy order at $1930 in hopes of reaching $1945 and $1955.
Given this range, it might be a good idea to continue setting up a sell order for gold in order to profit around $1915 and potentially even $1900 in the near future.
It's worth noting that if the price drops below $1,932, it could quickly reach the 50% Fibonacci retracement level of the XAU/USD rally from November 2022, which is around the $1,900 mark.
However, there is an ascending support line around $1,895 that could pose a challenge to the bears in the gold market.
As mentioned yesterday, I implemented a selling strategy at $1955 and took profits at $1930. Currently, I have a buy order at $1930 in hopes of reaching $1945 and $1955.
Given this range, it might be a good idea to continue setting up a sell order for gold in order to profit around $1915 and potentially even $1900 in the near future.
