The main trend for gold prices is upward.
In the short term, the price of gold is moving from point l1 to point t2 in the same direction as the main trend.
The Bollinger Bands confirmation system has surpassed the upper band, showing no signs of stopping. The three Stochastic lines, along with the MACD, are trending strongly upward with no signs of decline. All indicators suggest a strong upward trend in the market.
Simultaneously, at 8:30 am (U.S. market opening), the “Prelim GDP q/q” announcement will impact the USD. This is likely to cause significant volatility in gold prices upon the release of the news.
Therefore, it is strongly advised not to sell. Instead, wait for the gold price to retrace to a lower level and then initiate a Buy position.
Strategy:
- Buy limit at 2036;
- Stop Loss (SL): 2025;
- Take Profit 1 (TP1): 2050 – Take Profit 2 (TP2): 2055
Best regards,
Pham Thanh Bien
