From last week’s experience, we can draw the valuable lesson that in the recovery wave from L1 to T1, the price of US dollar index will follow the a-b-c structure. Therefore, we won’t enter a sell position at point a, as we don’t know when it will end (last week, the price broke through the previous peak at point a).
As I always emphasize, strict adherence to risk management methods is crucial, avoiding positions contrary to the current trend.
So, let’s wait for the price to retest the technical support convergence zone around 102.26 to 102.82. Remember, absolutely refrain from selling until the trend is clear.
How will this affect the gold price? And what will be the upcoming trend for the US dollar index next week? Let’s stay tuned.
Wishing investors insightful and successful investment strategy!
By. Pham Thanh Bien
