Sentiment remains tepid, XAUUSD plunges.
“Greenback retaliates as sentiment remains bullish; gold price suffered.”
Gold price remains under pressure on Tuesday as greenback stabilizes following prior session losses. While the commodity tries to stage a rebound, its recovery was short-lived. Market sentiment towards the commodity remains tepid due to positive expectation towards Federal Reserve in terms of policy tightening.
Quick recap on XAUUSD
Long-term trend skewed towards the downside due to ongoing pressure from bearish momentum.
XAUUSD Weekly Technical Analysis
XAUUSD oscillates within a tight range as 200-MA line and 1623 remains a strong threshold for both bulls and bears alike.
XAUUSD Daily Technical Analysis
From daily perspective, XAUUSD failed to extend its recovery, with overall momentum geared towards the downside.
Trading Idea
ORDER: SELL STOP
ENTRY: 1610
STOP LOSS: 1630
Target 1: 1590
Target 2: 1575
ZFX Analyst’s Comment
Although the probability for another downslide is rather unpredictable, we expect long-term trend to continue.
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Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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