Xauusd Technical Analysis on Dated 08-02-2023

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Gold Trading

XAU/USD is the currency pair representation of the price of gold (XAU) in US dollars (USD). It’s a widely followed benchmark for the price of gold, with changes in the XAU/USD rate reflecting shifts in the relative value of the two currencies and market demand for gold.

 

Trading refers to the buying and selling of financial instruments, such as stocks, bonds, currencies, commodities, or derivatives, with the goal of making a profit. To trade, you typically need to follow these steps:

 

  1. Choose a broker: A broker is a financial intermediary who facilitates trading by connecting buyers and sellers. You’ll need to select a reputable broker that fits your trading goals and preferences.
  2. Open a trading account: Once you’ve chosen a broker, you’ll need to open a trading account with them. You’ll typically need to provide personal information and complete account opening formalities.
  3. Fund your account: To trade, you’ll need to have money in your account. You can fund your account using a variety of methods, such as a bank transfer, credit card, or e-wallet.
  4. Research and analyze the market: Before you start trading, you’ll need to do some research to understand market conditions, trends, and the factors that can impact the financial instruments you’re interested in trading.
  5. Place your trades: Once you’re ready to trade, you can place orders to buy or sell financial instruments through your broker’s trading platform.
  6. Monitor your trades: It’s important to regularly check on the status of your trades and make adjustments as necessary to manage risk and optimize your returns.

 

Note: Trading involves significant risks and there is no guarantee of profit. It’s important to understand the risks involved and to only trade with funds you can afford to lose. Consider the following steps to open a trade by today-

 

  • Inside Soldiers have been posted on the daily chart.
  • Trading within a Corrective Channel formation.
  • Bespoke support is located at 1842.
  • The 261.8% Fibonacci extension is located at 1834 from 1960 to 1912.
  • There is no clear indication that the downward move is coming to an end.
  • Trend line resistance is located at 1886.

 

Recommendations: Sell/Sell limit @ 1890  TP/Target: 1865

 

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