XAUUSD - POTENTIAL LONG ENTRY
XAUUSD - Price trading inside strong bullish. Impulse Long entries can be taken once price retest the previous high using the break and retest strategy whereby a retracement would happen before a bounce to the upside and break it's recent high. Once price rejects that area, we can look at immediate market execution.
Gold price (XAU/USD) is juggling around the immediate support of $1,810.00 in the Tokyo session. The precious metal has corrected after printing a fresh five-month high at $1,824.51 on Tuesday. Fresh blood was infused in Gold price after the release of a soft inflation report for November month. The US Dollar Index (DXY) is struggling to sustain above the 104.00 resistance as a slowdown in inflationary pressures has cemented expectations of a smaller rate hike by the Fed. Fed policymakers were already advocating for a deceleration in the interest rate hike pace after the soft October inflation report. Now, a consecutive significant slowdown in inflation has bolstered the chances of adopting a less-hawkish approach toward the monetary policy.
On an hourly scale, Gold price has corrected to near the demand zone placed in a narrow range of $1,806-1,810. The 20-period Exponential Moving Average (EMA) at $1803.60 will act as a major cushion for Gold price. Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which indicates that the bullish momentum is active.
TP can be placed just before the recent high in order to reduce risk and secure profits.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:5
Gold price (XAU/USD) is juggling around the immediate support of $1,810.00 in the Tokyo session. The precious metal has corrected after printing a fresh five-month high at $1,824.51 on Tuesday. Fresh blood was infused in Gold price after the release of a soft inflation report for November month. The US Dollar Index (DXY) is struggling to sustain above the 104.00 resistance as a slowdown in inflationary pressures has cemented expectations of a smaller rate hike by the Fed. Fed policymakers were already advocating for a deceleration in the interest rate hike pace after the soft October inflation report. Now, a consecutive significant slowdown in inflation has bolstered the chances of adopting a less-hawkish approach toward the monetary policy.
On an hourly scale, Gold price has corrected to near the demand zone placed in a narrow range of $1,806-1,810. The 20-period Exponential Moving Average (EMA) at $1803.60 will act as a major cushion for Gold price. Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which indicates that the bullish momentum is active.
TP can be placed just before the recent high in order to reduce risk and secure profits.
TP - Green Zone
SL - Red Zone
R:R Ratio - 1:5
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