Gold is falling as the dollar rises sharply as recession fears expand

Today’s recommendation on gold against the dollar

  • The risk is 0.50%.
  • The buy trade of the recommendation was activated yesterday and reached the stop loss point
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Best selling entry points

  • Entering a short position with a pending order from 1790 levels.
  • Set a stop-loss point to close above the 1813 support level.
  • Move the stop loss to the entry area and continue to profit as the price moves by $10.
  • Close half of the contracts with a profit of $10 and leave the rest until the strong resistance levels at 1777.

Best entry points buy

  • Entering a buy position with a direct order from 1751 levels
  • Best pip points to place stop loss closing below 1737 levels.
  • Move the stop loss to the entry area and continue to profit as the price moves by $10.
  • Close half of the contracts with a profit of $10 and leave the rest until the 1800 support levels.

gold analysis

The price of the dollar fell sharply during trading on Tuesday, as the dollar rose against all financial assets, especially oil, cryptocurrencies, and stock markets. The dollar rose against the major currencies and gold with the expansion of economic recession fears, which pushed investors to the dollar as a safe haven at the expense of other assets. Investors are awaiting the release of highlights from the Federal Open Market Committee’s latest meeting, which is scheduled to be published tomorrow, while awaiting further signals about monetary tightening. He mentions it in cases of uncertainty such as the current gold is a good hedge tool for investors, but most of these investors may prefer the dollar, which is a safe haven as well, but it is a means to achieve a return, unlike gold, which is a store of value.

On a technical level Gold price witnessed strong declines during yesterday’s trading as well as during today’s early trading, as gold maintained trading below the descending trend line on the four-hour time frame shown on the chart. Gold also traded below the 200, 100 and 50 moving averages, respectively, on the daily time frame, the four-hour time frame, and the 60-minute time frame. In reference to the general bearish trend. In the meantime, gold is trading above support levels that are concentrated at 1751 and 1744. On the other hand, gold is trading below the resistance levels that are concentrated at 1784 and 1793, respectively. We expect gold to witness a decline as long as after a wave of upward correction. Please adhere to the numbers in the recommendation with the need to maintain capital management.

The chart was generated by . platform TradingView

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