This week’s gold strategy has achieved a remarkable 100% success rate, with those who closely followed the trades seeing a 200% profit—congratulations to everyone on consistent gains! Today marks the final trading day of the week, and this key setup will define our closing profitability for the week.
Fundamental Analysis:
The “U.S. Initial Jobless Claims for the week ending October 19” was a significant bearish driver for gold yesterday, leading to a sharp price drop. This further confirms the strengthening U.S. economy, which continues to weigh on gold. Today’s “October University of Michigan Consumer Sentiment Index Final” will also reflect U.S. economic conditions and likely adds to the bearish sentiment on gold, presenting another trading opportunity.
Technical Analysis:
Although the daily chart previously formed a bullish engulfing pattern, this setup has invalidated as gold prices moved higher, and buying pressure increased. Additionally, the Relative Strength Index (RSI) has ceased its decline and is resuming an upward trajectory in the bullish region, signaling renewed buyer interest.
Today's Strategy:
Based on a combined analysis of fundamental and technical factors, today’s first move is to go long on gold, with a profit target at the 2733-2734 level. After the long position reaches the target, a short position can then be initiated with a profit target between 2720-2718.
Given the complex nature of today's trades, if you require my guidance or wish to join the VIP for more real-time strategies, feel free to reach out!