Hello, dear traders! Let's consider my trading idea for gold.
Well, Fed Chair Jerome Powell's Friday speech in Jackson Hole turned out to be another bullish factor for gold and pushed the price up towards the level of 1833. The dollar's current weakening trend is not an accident. Traders have been reacting to weak statistics from the United States. Amid downbeat data on GDP and initial jobless claims, Powell's tone cannot be hawkish.
From a technical point of view, mid-term sellers of the last two weeks are recommended to limit their risks by the 1833 mark, that is the July resistance level:
In this case, we recommend refraining from short positions until the price forms at least a false breakout at 1833.
Intraday traders are recommended to pick up buy signals within their trading system with a view to reaching the target level of 1833.
The trading idea is based on the Price Action and Stop Hunt strategies.
Control your risks and have a profitable trading day!
