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radex78

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radex78 last won the day on May 5 2023

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  1. In my opinion, traders need to be optimistic but not overconfident, optimistic that we have carried out analysis according to our abilities and knowledge, and plan trades that involve risk tolerance and the targets we want to achieve. Optimism will lead traders to dare to take risks according to risk tolerance, but overconfidence can lead traders to be too brave to take higher risks with high optimism that they will achieve profits.
  2. Gold price moves below the upper band line. Here the Bollinger bands appear to be expanding, reflecting an increase in volatility in the H1 timeframe. Meanwhile, the MA 50 near the middle band line draws a flat channel indicating a sideways market. On the other hand, the RSI indicator points to level 59, which means the price is moving above the uptrend level. In this time frame, the price appears to have risen from a low of $2306 and reached a high of $2332, and the upward trend has begun to weaken in the last few hours. The price of gold, which tends to go sideways back and forth in the short term, seems to be more due to investors waiting for the Fed to confirm a reduction in interest rates. Currently, the Fed's interest rates remain high, reducing interest in buying gold as a safe-haven asset. Demand for riskier assets predominantly shifted attention to gold, with US stock indexes hitting all-time highs on Monday supported by a rally in technology shares. While the results of the 2024 World Council Gold Survey show that 81% of respondents predict overall central bank Gold reserves will increase in 2024, 19% will remain the same, and none will decrease. The survey results also show the central bank's forecast will increase its gold reserves in 2024, 29% said they predicted this would happen, 68% predicted that gold reserves would not change, and only 3% predicted that gold reserves would fall.
  3. Gold is still trading in the range of 2286-2341, yesterday the price of gold drew a bearish candlestick with a smaller body than the previous candlestick. The deflated Bollinger band reflects a decrease in volatility on the D1 timeframe. Perhaps investors are still waiting for the latest updates from Fed officials which might support the idea of lowering interest rates at the end of the year. Yesterday the Empire State Manufacturing Index news data was released with actual data of -6.0 which analysts predicted -12.5 and previously revised data of -15.6. Based on theory, above 0.0 means conditions are improving, and below 0.0 conditions are getting worse. Today it is predicted that gold price movements will remain steady back and forth within the price range. However, gold's long-term potential is supported by increasingly heated geopolitical risks and the issue of World War 3 which could have a major impact on the global economy and uncertainty.
  4. This week's gold price is expected to see an increase in demand amid optimism that the Fed will lower interest rates at the end of the year. Technically the price of gold is now near the $2340 resistance zone seen on the H4 timeframe. Today's investors will probably wait for fundamental news on the Empire State Manufacturing Index, which surveys 200 companies in New York state. Forecast data is -12.5 and the previous revision at -15.6. If the actual news release is greater than the forecast, it is good for the currency and possibly gold to fall. On the other hand, if the actual data is lower than the forecast, gold may rise. The price of gold is often correlated with the USD, if the USD weakens the price of gold tends to rise, conversely if the USD strengthens the price of gold tends to fall. However, other factors determine the price of gold, including demand and supply. Especially demand from China, which is the largest importer of gold, followed by India.
  5. Broker customer support is also one of traders' concerns when using broker services, responsive support and providing solutions to problems faced by clients will provide a level of satisfaction for traders in using broker services. During this time using FXOpen, if I encounter problems I always contact support for help. The last problem I faced was when the Ticktrader trading account didn't appear in the internal transfer option box, then I contacted support and they resolved the problem responsively, and finally, I was able to make internal transfers as usual.
  6. It is very important for traders who prefer to use trading robots to use a VPS because they can run EA all day without worrying about the computer overheating because a VPS is like a virtual computer that runs on cloud services. Recently, more and more internet users are using cloud services for data storage.
  7. It seems the Fed still needs more time to cut interest rates to lower levels. The Fed signaled in its latest projections that it now expects to cut interest rates just once this year. Even if the Fed cuts its benchmark interest rate later this year, the Fed's main benchmark interest rate will remain at its highest level since 2006. The Fed's FOMC meeting on Thursday decided to hold interest rates at 5.25-5.5% for the seventh time in a row, namely since September 2023. Of the 19 members, eight expect two cuts, seven want one cut and four don't want any cuts at all. Investors will then look at Fed officials' comments in projecting future Fed decisions.
  8. Gold's price is still at $2280 now, The price of gold is now in the range of $2300 and moving in the range 2295.72 - 2326.76 and moving between the middle and lower band lines. Gold price moves between the middle and lower bands in the range of 2300 in the H1. Here the Bollinger band draws a slight downward channel with narrow band spacing in the movement 2323-2297. MA 50 draws a flat channel above the middle band indicating a sideways market. Meanwhile, the RSI indicator points to level 42, which means the price is below the downtrend level. Most Fed officials will probably ease by the end of the year. The FOMC appears to be split only on the number of rate cuts in 2024: 7 Fed officials forecast one rate cut while 8 forecast two, the tiebreaker being the 4 Fed officials who now forecast no rate cuts this year. The majority of Fed officials predict the start of the easing cycle at the end of this year. The Fed did not lower interest rates at its meeting on Wednesday and kept interest rates unchanged at 5.50%, but the Fed is projecting only one interest rate cut of 0.25% in 2024. Meanwhile, the influence of the core PPI data of 0.0% is lower than the forecast of 0.3% from the previous revision of 0.5%, and the PPI data of -0.2% is lower than the forecast of 0.1% and the previous revision of 0.5%, which should have a good impact on gold. Jobless claims also rose 242k from a forecast of 225k and a previously revised 229k.
  9. Apart from paying attention to the time frame, it is important to also follow news updates which are expected to have a high impact on the market. News is often a trigger for currency price movements so this cannot be ruled out. News such as inflation data, interest rates, job data can have an influence on the currency.
  10. Gold prices strengthened after the release of US inflation data which showed the actual value was lower than forecast. The Fed at its meeting on Wednesday finally decided to keep interest rates unchanged at 5.50%. According to FXOpen's Tradingview chart, the price of gold jumped from a low of $2311 to a high of $2337 in just one hour, this was seen from one long bullish candlestick, the price rose again to $2341 before finally rebounding to around $2231. Several banks in Europe have lowered their interest rates, after the ECB then Canada followed suit, and Denmark also lowered its benchmark interest rate by 25 basis points to 3.35%. Meanwhile, JP Morgan estimates that the Fed will cut interest rates twice this year and three times next year. Today Investors' next focus will be on the release of Unemployment Claims news and core PPI data which are fundamental indicators as one of the Fed's policy measuring tools in making interest rate policy.
  11. Today the US CPI data will be released and the Fed funds rates will be the focus of investors. Gold's lower volatility may be due to stalled Chinese buying. According data from Forexfactory CPI core is forecast at 0.3% with previously revised data of 0.3%. If later actual data greater than forecast, could lead gold dropped, Investors will also wait for the FOMC economic projections, to see whether the statement is more hawkish or dovish. Yesterday's gold price drew a bull candlestick with a long shadow at the bottom of the candle. Price drew a low of $2297 and a high of $2319. In the H1 timeframe, the price of gold moves below the upper band line. Bollinger bands draw flat channels with narrow band spacing reflecting sideways with less volatility. MA 50 below the middle band drawing a flat channel also indicates a sideways market.
  12. When choosing a VPS, it might be better to pay attention to the location of the provider's server and the location of the broker's server, perhaps too long a distance can affect the data transfer speed which in turn affects the latency level.
  13. Gold prices fell sharply after US data was released on Friday. The release of US NFP data showed a higher-than-expected increase in the number of new workers joining in May at 272,000, beating economists' forecasts of 185,000 and up from the previous data of 165,000 in April. NFP is one of the high-impact news that many markets respond to because it is a fundamental indicator that shows the performance of the US economy. The actual data was greater than estimates, which tends to be good for the currency. This is why after the NFP the USD currency strengthened against other currencies including Gold. Today gold is trading at around $2311, up from $2287, it seems that the influence of NFP has faded somewhat. Or maybe it was due to profit taking and people started buying gold because the price fell. Yesterday market volatility was somewhat reduced because many banks in Australia and China were not operating due to holidays Investors are now focusing on CPI data on Wednesday which is also a US fundamental indicator that may be one of the tools for the Fed's possible interest rate policy. Bigger CPI data tends to have a good impact on the USD.
  14. In choosing a broker, perhaps each trader has a different view, and choosing which one is suitable according to the trader's own needs, perhaps many traders will ask what is the best broker, here there will be many answers and references that differ from each other, as far as the broker provides good service both in terms of ease of transactions, smooth withdrawals, competitive trading fees, consistent profit trading, it's pretty good for traders even though it might not be considered the best.
  15. Last week gold prices fell after NFP data provided encouragement for USD strengthening. Gold often correlates with the USD, when the USD strengthens the price of gold tends to fall, and if the USD weakens the price of gold tends to rise. NFP data that has been released shows the US economy added 272 thousand jobs in May compared to the forecast of 185 thousand. This result is also higher than the April figure which was revised lower to 165 thousand. Today there is no important news that might be a trigger for market movements, a number of banks in Australia and China are not operating because they are observing holidays. It is predicted that a number of bank holidays will reduce market volatility considering that China is one of the largest gold importing countries. However, this week there is a focus on news referring to forexfactory, inflation data and the Federal Funds Rate which is predicted to trigger market volatility on Wednesday.
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