Examine price charts for trend patterns, support/resistance levels, and key technical indicators (e.g., Moving Averages, RSI, MACD). Identify potential entry points based on chart patterns or breakout scenarios. Fundamental Analysis:
Consider economic factors that might influence the price of gold, such as inflation rates, interest rates, and geopolitical events. Monitor global economic conditions and currency movements that could impact the US Dollar. Sentiment Analysis:
Assess market sentiment through tools like the Commitment of Traders (COT) report, which shows the positioning of different market participants. Look for news and social media sentiment related to gold and the US Dollar. Risk Management:
Define your risk tolerance and set stop-loss levels to manage potential losses. Consider the overall risk-reward ratio for your trade.
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