Our free forex signals service trade today is a sell order on gold. The metal will go down if the USD continues its upside correction.
The gold price moves sideways in the short term. The current range could represent a distribution pattern if the price extends its sell-off. The pressure is high as the USD is strongly bullish.
–Are you interested in learning more about ETF brokers? Check our detailed guide-
The Dollar Index erased its minor drop, and now it seems determined to reach new highs after Fed Chair Powell’s hawkish speech. As you already know, the Federal Reserve is expected to hike rates in the upcoming monetary policy meetings.
A 0.50% rate hike is in the cards in May. That’s why the USD dominates the currency market. On the other hand, the XAU/USD failed to confirm an upside continuation. Now, it could resume its drop if the price makes a new lower low.
Fundamentally, the price of gold rebounded yesterday also as the US Unemployment Claims and the Philly Fed Manufacturing Index came in worse than expected.
US Flash Manufacturing PMI 58.1 expected
Today, the US data may bring more action. The Flash Services PMI is expected to remain steady at 58.0 points, while the Flash Manufacturing PMI could drop from 58.8 to 58.1 points, signaling a slowdown in expansion.
From the technical point of view, the price of gold could extend its sell-off if it drops and closes below 1,936.82
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Sell gold at 1,935.46
Free forex signals entry price and take-profit
Instrument: Gold
Order Type: SELL STOP
Entry price: 1,935.46
Stop Loss: 1,960.96
TP1: 1,894.75
My Risk: 1%
Risk / Reward Ratio: 1:1.6
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Share
