Today’s update will provide a clearer outline of the plan of gold price for the beginning of this week.
Following Fed Chair Powell’s statement and the ISM Services PMI report yesterday, the gold price experienced a sharp decline, touching the support convergence zone of 2015. Therefore, the strategy of waiting for the price to reach the resistance convergence zone of 2048-2054 seems unlikely.
After reevaluation using technical convergence methods and combining it with the analysis of the US dollar index chart, today’s strategy is to wait for a sell opportunity in the resistance convergence zone of 2028-2032, aiming for two support convergence zones at 2015-2017 and 2005-2007.
Always remember to apply strict risk management and capital management principles to generate consistent and sustainable profits. Stay tuned for the next gold price update.
Wishing all investors successful and insightful investment strategies!
