XAUUSD - 2024/07/17
The price of gold made a new ATH yesterday.
We do know that after Jerome Powell last spoke he was dovish with his speech indicating to us that we might see a rate cut in September. This is fueling gold to move higher. Until we get a different response from a FED official I do believe we will continue moving higher.
As for fundamentals today there is nothing important for me personally to look out for.
The price of gold at the moment is too HIGH TO BUY AND TO BULLISH TO SELL. So for me, I need to first get a retracement back down before I do anything.
Don't rush into anything just for the sake of being in a trade - Quality over Quantity.
That being said, I have 2 possible entry points if we can break below the structure point op 2459.077.
Entry Point 1 - Chart on the left we can see the golden zone between our fib levels that is the first place I would consider taking a trade.
Entry Point 2 - Chart on the right we have a 1h volume buy zone where I would prefer to take a trade.
I never enter as soon as price touches my entry points, ALWAYS WAIT FOR LTF CONFIRMATION.
We do know that after Jerome Powell last spoke he was dovish with his speech indicating to us that we might see a rate cut in September. This is fueling gold to move higher. Until we get a different response from a FED official I do believe we will continue moving higher.
As for fundamentals today there is nothing important for me personally to look out for.
The price of gold at the moment is too HIGH TO BUY AND TO BULLISH TO SELL. So for me, I need to first get a retracement back down before I do anything.
Don't rush into anything just for the sake of being in a trade - Quality over Quantity.
That being said, I have 2 possible entry points if we can break below the structure point op 2459.077.
Entry Point 1 - Chart on the left we can see the golden zone between our fib levels that is the first place I would consider taking a trade.
Entry Point 2 - Chart on the right we have a 1h volume buy zone where I would prefer to take a trade.
I never enter as soon as price touches my entry points, ALWAYS WAIT FOR LTF CONFIRMATION.
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