Scalping opportunities for XAU/USD (Gold) as we close out December 31, 2024. With the US Dollar Index (DXY) holding steady near 108.00 due to the Federal Reserve's hawkish stance, and falling US Treasury yields supporting non-yielding assets, the stage is set for potential gold trades. Geopolitical tensions, notably the ongoing Russia-Ukraine conflict and unrest in the Middle East, continue to bolster safe-haven demand for gold.
As we analyze the market, we observe that Gold prices are currently exhibiting sideways movement, indicating market indecision. On the 1-hour timeframe (H1), Gold has broken its downtrend, creating an opportunity for traders. We recommend waiting for a retest in the range of 2612-2609 to consider a BUY entry, with a Stop Loss (SL) set at 2606 to effectively manage risk. For profit targets (TP), consider increments of 50, 100, or 150 pips, aiming for 2624.
Given the persistent demand for Gold amidst geopolitical uncertainties, this analysis highlights the importance of patience and proper risk management when executing scalping strategies. We also stress the need to stay alert for any surprises in the US Dollar Index or Treasury yields, as these could influence Gold's price trajectory.
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