LONG (BUY)
โ ๏ธ Elevated volatility; 2/3 position size
TP
Recommended Entry Range
โบ We made a very strong Gold trade yesterday and closed near the session high - our 44th consecutive successful Gold / Silver trade.
โบ We currently see Gold at roughly the same level as yesterday at this time of day - with the biggest difference being that Wall Street is reopening today. Gold remains caught between competing forces: rising geopolitical tensions in the Middle East, which are also pushing oil prices higher and with them rate expectations and yields, but at the same time a weaker USD and the ongoing expectation that fiscal problems will continue to worsen.
โบ The biggest headwinds for Gold remain elevated yields as well as still very high oil and gas prices, as they keep inflation concerns alive.
โบ Following Fridayโs surprisingly strong US labor market data, which significantly increased expectations for a Fed rate hike next week, we now see slightly reduced rate hike expectations.
โบ Gold also remains very attractive over the medium term - supported by rising / high demand from global central banks, damaged fiscal credibility, and the broader de-dollarization trend. We are going LONG slightly below the key $4400 level.
Gold (XAU/USD): Multiply your โstandard (EUR/USD)โ position size by approximately 0.09-0.12x (9%-12%) - 2/3 position size.
position code / 100% Transparency - 26090802A
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