Gold prices (XAU/USD) fell significantly in the Asian session as the Federal Reserve (Fed) announced a plan to raise interest rates in the fight against persistent US inflation. The immediate support of $1970.00 was not defended, leading to a decline in gold prices after a break below the $1950-1970 demand zone.
The 20-period exponential moving average (EMA) at $1,975.54 is currently hindering the gold bulls. The Relative Strength Index (RSI) (14) has fallen back into the falling range of 20.00-40.00, indicating a trigger for downside momentum.
Trading plan:
BUY GOLD soup price range: 1952 - 1950
Stoploss : 1945
Take Profit 1: 1960
Take Profit 2: 1965
Take Profit 3: 1970
Note: Full SL,TP to be safe and win the market
The 20-period exponential moving average (EMA) at $1,975.54 is currently hindering the gold bulls. The Relative Strength Index (RSI) (14) has fallen back into the falling range of 20.00-40.00, indicating a trigger for downside momentum.
Trading plan:
BUY GOLD soup price range: 1952 - 1950
Stoploss : 1945
Take Profit 1: 1960
Take Profit 2: 1965
Take Profit 3: 1970
Note: Full SL,TP to be safe and win the market
