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XAUUSD (Gold): Create long position when the price falls

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XAUUSD (Gold): Create long position when the price falls

Weekly: The price of gold is currently trying to challenge the previous high and is about to break through the closing price of $2,426 in the week of May 24.From the weekly time frame we should open long positions when prices fall.

Daily: According to the recent remarks of the FED Chairman and data from CME WatchTool, it is currently confirmed that there is more than 90% chance of a one-point interest rate cut on September 18, which will make the price rise of gold. This caused the previously predicted descending triangle pattern to be "broken upward", and the triangle pattern has invoid. Judging from the trend of interest rate cuts, gold prices will continue to rise, and investors should establish long positions when gold prices fall.

H4: The three moving averages present an "uptrend sequence" which suggests create long position when the price falls.

Strategy (H4)
Buy Zone @ 2360 - 2395 (positive)
SL: 20-30, TP: 40-80

Buy Stop @ 2420 - 2440 (short term)
SL: 10-15, TP: 20-40

Sell Zone @ 2460 - 2490 (negative)
SL: 15-20, TP: 30-50

H1: (Short-term Strategy)

Buy Zone @ 2384 - 2405 (short term)
SL: 15-20,TP: 30-60

Sell Zone @ 2440 - 2460 (negative)
SL: 10-15, TP: 20-30

Full Time Frame 4K UHD Pic (TradingView):