Gold trading technical analysis on dated 24-10-2022

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USDJPY

Gold trading refers to the buying and selling of gold in various forms, such as physical gold (like coins and bars) or financial instruments (like futures contracts, options, and exchange-traded funds or ETFs). Gold has been used as a form of currency and a store of value for thousands of years and is still actively traded in modern financial markets.

 

Before engaging in gold trading, it’s important to thoroughly understand the market, risks involved, and your investment goals. Additionally, it’s advisable to consult with a financial advisor or broker if you’re new to gold trading or the financial markets in general.

 

One way to use XAUUSD as a trade tool is to buy high and sell low. By doing this, you’re essentially betting that Gold will go up in value relative to US dollars over the course of the trading session. If you are correct, then your profits will be counted in real time while your losses are immediately reversed; there are no settlement delays like with other currencies or futures contracts.

 

Another common strategy involves trading pairs based on moving averages or other technical indicators. This allows traders to profit from sudden changes in market conditions without having too much invested at one time. As follows gold trading strategy today-

 

  • Posted a Double Bottom formation.
  • This is positive for sentiment and the uptrend has potential to return.
  • There is scope for mild selling at the open but losses should be limited.
  • Further upside is expected although we prefer to buy into dips close to the 1645.00 level.
Recommendations: Buy/Buy limit @ 1645   TP/Target: 1660/1670

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