GOLD - BUY - 5th May 2022




GOLD - BUY - 5th May 2022 (Closed)


Good morning team,

After the wick down on the GBPUSD, I wanted to wait until post-FED announcement before positioning in the market.

Whilst the FED raised interest rates by 0.50%, they also stated that they were not looking at more aggressive rate hikes in the coming meetings. This has put a cap on the year-end target for interest rate hikes.

With this in mind, and inflation remaining high, it has created a bullish environment for GOLD. Especially considering the recent sell-off across metals. We see the recent decline as corrective and has possibly reached a bottom.

GOLD – 4 Hour Chart

Trade Setup: BUY market execution, current price 1886, stop loss 1860, take profit 1944.

Stop loss: 260 pips

Take profit: 580 pips

Trade Setup
BUY - Market Execution

Entry
1886

Take Profit
1944

Stop Loss
1860