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Gold stopped rallying after the US released its latest data on inflation.
Quotes declined and closed lower during yesterday's US session, while today fell short of buy stops.
This scenario points at a further price decrease in the gold market.
Considering that the recent movements form a three-wave pattern (ABC), where wave A represents the bearish pressure yesterday, traders can enter the market by selling from current prices, with stop loss at 1798. Take profit on the breakdown of 1782.
This trading idea is based on the "Price Action" and "Stop Hunting" strategies.
Good luck and have a nice day!
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
On Tuesday, the GBP/USD currency pair also continued its upward movement. While the new decline of the U.S. dollar could be attributed to Jerome Powell's speech—as the only major event
On Tuesday, the EUR/USD currency pair remained flat for the first half of the day and then moved higher in the second half. During the U.S. session, Jerome Powell delivered
Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair exhibited movements nearly identical to those of the EUR/USD pair. This suggests that the US dollar
The GBP/USD currency pair also maintained an upward trajectory throughout Monday. The reasons were identical to those for EUR/USD. The dollar had been rising for three weeks on pure trader
On Monday, the EUR/USD currency pair continued its upward movement, which began last week. There were no local macroeconomic reasons for the euro's rise, but there were plenty of fundamental
Last Friday, only one entry point into the market was formed. Let's look at the 5-minute chart and analyze what happened. In my morning forecast, I highlighted the 1.3442 level
Only one market entry point was formed last Friday. Let's look at the 5-minute chart to see what happened. In my morning forecast, I highlighted the 1.1654 level
Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded higher on Friday, but this movement had little meaningful impact. The downtrend in the British pound remains
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