After 6 days of trading sideways in the range of 1790-1818, in yesterday's session, precious metal Gold had a break out of this accumulation area. Closing yesterday's session with a bullish candle with quite strong force. With the strong increase in candle power and the break of the previous sideways range, the precious metal Gold, in my opinion, is likely to continue to gain momentum in today's session.
Switching to a shorter-term time frame than H4 we can see the precious metal Gold is facing a short-term resistance around 1828 so it is likely that here Gold will tend to correct slightly around 1820. and this is also a good price zone for us to establish a buy position with precious metal Gold with the target to be the next resistance around 1840-1848.
Gold update
Gold in the Asian session bounced up from 1823 to 1832. Despite the soaring US inflation data, Mr. Powell's speech last night still boosted gold prices. Powell said that high inflation is only temporary and that the environment of "high degree of monetary easing" should still be maintained. In addition, he thinks that there is still a long way to go to full employment, even after the wave of labor supply arrives, full employment may not be a reality. The “dovish” comments are now supporting the gold price rally.
However, Gold may remain under downward pressure after rallying to the 50% Fib area of the previous decline or touching the upper boundary of the ascending channel.
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Sell limit GOLD at 1835 and sell limit at 1840
Stop-loss 1845
Take profit 18XX
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