Gold price today on August 17 on the market continued to plummet to 1893.03 USD/ounce and lost the support level of 1,900 USD/ounce.
Gold weakened because the dollar in the international market soared in the past few days in the context of the US Federal Reserve (Fed) maintaining tight monetary policy. Meanwhile, many Asian countries accelerate monetary easing to revive their economies, pushing down gold prices.
The USD is also increasing in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, the short-term drop in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.
Trading plan:
BUY XAUUSD around price: 1885 - 1883
Stoploss : 1879
Take Profit : 1890
Take Profit : 1900
Take Profit : 1905