Waiting for FOMC news and profit taking action before that

7 May

🔔🔔🔔Gold news:

➡️ Gold prices came under heavy selling pressure early Wednesday, correcting sharply from a two-week high of $3,435. Fresh optimism over the upcoming U.S.-China trade talks and profit-taking ahead of the U.S. Federal Reserve’s policy announcements.

➡️ However, downside momentum will be limited as geopolitical tensions escalate globally, in the Middle East and Pakistan-India regions.

Personal opinion:
➡️ Investors are likely to stay on the sidelines and wait for the upcoming FOMC meeting, which will then shape the next direction. Gold prices could see a fresh rally if the Fed cuts rates in June due to concerns about the economic outlook, or vice versa. Therefore, the market today will not fluctuate too much until the news is announced

➡️ Analysis based on important resistance - support levels and Fibonacci combined with EMA to come up with a suitable strategy

Personal Plan:
🔆Price Zone Setup:

👉Buy Gold 3307- 3310
❌SL: 3303 | ✅TP: 3315- 3320 – 3325

👉 Sell Gold 3435- 3437
❌SL: 3442 | ✅TP: 3431- 3426 - 3420

FM wishes you a successful trading day 💰💰💰

8 May

İşlem aktif

The plan is on track, the positive US-UK trade talks put downward pressure on gold. Gold broke down to the 3370-3360 zone and confirmed the short-term downtrend.

8 May

İşlem kapandı: hedefe ulaştı

Personal Plan:

Hit + 70 pips from Buy 3310
Great