GOLD - TRADING AT CHANNEL RESISTANCE - TIME TO SELL?

2月5日

Symbol - XAUUSD

CMP - 2858

Gold has reached a new all-time high (ATH) of $2861 & trading at rising channel resistance, amidst heightened risks of tariff conflicts and persistent inflation, encountering resistance at the channel trend. However, due to potential political manipulation, the possibility of a market correction exists.

Currently, gold is consolidating above $2840 following its ATH, as it awaits key data such as US employment figures and speeches from Federal Reserve officials. Increased volatility has been observed, driven by conflicting statements regarding former President Trump's tariff policies: tariffs were initially imposed, only to be rescinded a few hours later, highlighting the influence of political decisions. Following a false breakout at the resistance of the ascending channel, gold is now undergoing a correction, partly prompted by news of the temporary suspension of tariff hikes by the United States. Despite these fluctuations, gold remains resilient, supported by the Fed’s cautious stance on rate cuts.

Key Resistance levels: $2860 and $2872
Key Support levels: $2845, $2840, $2818

Should the price fall below the $2840 mark and consolidate beneath this level, a short-term correction towards $2824 - $2815 may occur. However, no significant trend reversal is indicated, and growth may resume from these key support areas.

2月5日

交易進行

CMP 2872.20

Short position order triggered.

2月6日

註釋

Consolidating near ATH. There's a possibility that It can move further up. Holding with strict SL 2885

2月7日

交易結束：目標達成

CMP 2841.30

The price reached a low of 2834 but failed to remain below 2840, indicating the likelihood of a move upward to capture liquidity.

2872 to 2841. Closing short position here.