GOLD: Wait for Fed Chairman Powell's Speech
Hello everyone! Today i want to share macro analysis with you!
1.
$Gold - main 2412(GCmain)$ Looking ahead to the trading day, Fed Chairman Powell's speech and U.S. GDP data are expected to provide important guidance for gold price action.
Technical: Looking at the 4-hour chart of gold, the gold price broke through the bullish channel resistance and it is worth noting that the stochastic indicator is gradually getting rid of its negative momentum, waiting for the indicator to gain positive momentum, which will push the gold price to continue its major bullish trend. The next major target for gold price is located at $2700.
Therefore, we will continue to forecast gold prices in a bullish trend for some time to come. It should be noted that if the gold price falls below 2650, this will stop the expected uptrend and push the gold price to some intraday bearish correction.
Gold prices will trade between support at 2645. and resistance at 2685 today. The expected trend for gold prices continues to be bullish. Trading is buying orientated!
Strategy:Buy:2650-54 TP:2670-75 SL:2645(SL set according to personal habits) $XAU/USD(XAUUSD.FOREX)$
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