XAU! 11/8! Create liquidity for the downtrend

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XAU / USD trend forecast November 8, 2024

Gold prices rose above $2,700 after the Federal Reserve cut interest rates and noted that US election impacts are unlikely to be immediate. Currently, XAU/USD is trading at $2,704, up over 1.7%.

Wall Street gained further as the Fed unanimously lowered the federal funds rate by 0.25%. In its statement, the Fed pointed to solid economic growth, though labor market conditions have weakened slightly. Officials also observed that inflation is closer to the Fed’s 2% target but remains somewhat elevated.

Long term framework - gold price is still in a downtrend. Market recovered thanks to FED continuing to cut 0.25% as expected. Short term recovery

/// SELL XAU : zone 2719-2722

SL: 2727

TP: 50 - 150 - 300 pips (2692)


/// BUY XAU : zone 2667-2664

SL: 2659

TP: 50 - 150 - 300 pips (2694)



Safe and profitable trading

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تم فتح الصفقة

Gold price is trading below 2690 - in a downtrend

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أغلقت الصفقة: تم الوصول للهدف

Gold price ended the week at the 2685 price range, the decline and selling of gold will continue next week