5 Avoidable Mistakes Forex Day Traders Should Know

 The Forex market is the largest financial market in the world. However, the market is a reason for the prosperity of many investors and at the same time, there are many inventors who fail in this market. The market is very sophisticated and investors rush in to the market and end up making mistakes that might cost a fortune to them. There are certain mistakes that investors make that can cause such investment hazards.

In this article, we have listed a few mistakes that every investor should know. They can also avoid these mistakes to make good investments in the forex market.

#1. Not Maintaining Trading Discipline

One of the major mistakes that traders make in the forex market is letting emotions take over their trading decisions. Trying to bet in the forex market and taking trading decisions in fear can lead to losing trades. It becomes essential to maintain discipline while trading and therefore arriving at a well-constructed plan in order to be successful.

#2. Trading without Proper Planning

In forex trading or any other trading, it is impossible to be successful in the market without a trading plan. As it is popularly said “Failing to Plan is Planning to Fail”. Therefore all the investors should plan their investment by getting good forex signals and understand what strategy works for them. Also, make sure that your strategy is giving you a sufficient Return on Investment.

#3. Not Adapting to the Market

You should create a plan for every day before the market opens. Then conducting a scenario analysis and planning the investments according to the market conditions is a good choice. Most of the successful traders get forex signals in advance and adapt themselves according to the market conditions quickly. They then derive the strategies that confirm the market conditions.

#4. Learning with Trial and Error

The most expensive thing that the trades can do in the forex market is doing trial and error without proper knowledge of the market. Developing strategies on the basis of your mistakes in the market is not an effective way to trade in the market. In this situation we recommend you to get a good forex advisor who can advise you about the investment choices well in advance. This will ensure that you don't make any mistakes and make a profit in almost every trade.

#5. Setting Unrealistic Expectations

Trading in the forex market is a risky thing. Being able to accumulate big profits is not a sprint, but it is a marathon. Success requires continuous efforts to master the strategies involved in forex trading. Losing market discipline and setting unrealistic expectations is something that will not make you successful in the market.

Final Word

There are many reasons that cause forex traders to fail. There are simple means to avoid such mistakes. You can build relations with a forex signal provider and get access to forex tips in order to avoid such mistakes. This will help you to make sufficient profits in the market.

📕 Comment on Gold on August 31, 2021:

 After surging to the price range of 1822 precious metals Gold fell slightly to 1807, closing the day session with a bearish candle around 1809. However, in my personal opinion, this drop is is necessary for the precious metal Gold to bounce back.  This correction is a good price area for us to establish a buy position.

Switching to the shorter-term timeframe H4 we can see the support of the precious metal Gold in today's session around 1802-1808.  Here, in my opinion, we can establish a buy position with the safe target around 1820 and the expectation of the "old peak" area of ​​1830.

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How To Start Making Profit with Forex Trading in 2021

 here are some forex tips that will help you to generate constant returns in the market -

#1. Choose a Consistent Trading Strategy
The first step is to choose a trading style in the forex market. There are several options but most of them fall into the following categories -

i)  Scalping

ii) Day Trading

iii) Swing Trading

iv) Long Term Trading

#2. Set Risk/Reward Ratio to 1:2 or Higher:
Traders have no guarantee that they will achieve more than 50% of winning trades. However, one way to address this concern is to set the risk/reward ratio to 1:2 or higher. Take a situation where you are planning to gain 100 pips from a given position. In this case, you can consider setting a stop-loss order below 50 pips of the current market price.

#3. Setting Realistic Profit Targets
Setting risk/reward ratio is important but it might not be enough for forming consistent profits. Another important aspect to earn returns is to set realistic profit targets. This can be done depending on the average daily volatility of currency pairs. For example, EUR/CHF is a pair that can move by 50 to 55 pips. In this situation setting a profit target of 100 pips will be unrealistic.

#3. Setting Realistic Profit Targets
Setting risk/reward ratio is important but it might not be enough for forming consistent profits. Another important aspect to earn returns is to set realistic profit targets. This can be done depending on the average daily volatility of currency pairs. For example, EUR/CHF is a pair that can move by 50 to 55 pips. In this situation setting a profit target of 100 pips will be unrealistic.

#4. Avoiding High Leverage
Leverage is a double edged sword. Overleveraged trading can easily lead to several losses that can be difficult to recover. For example, in the case of 400:1 leverage, if the market goes against the opened position by 0.25%, it might be enough to wipe out the entire trade, so a trader will lose his or her entire investment.

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Comment on Gold on August 27, 2021

 In yesterday's trading session after a sharp drop to 1779 precious metals Gold bounced back to 1798 closing the day's trading session with a bullish candle around 1792. In my personal opinion in  At the beginning of today's session, the uptrend will continue to dominate and the price of this precious metal is heading around the 1803-1806 zone.

 - Switching to the H1 time frame, the nearest support area of ​​the precious metal Gold is around 1790, where we can establish a long position with the precious metal Gold with a safe target around 1797 and  beyond 1803-1806.

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Powell's keynote is coming! Check out the news

 Powell's keynote is coming, and Fed hawks call for starting to reduce debt purchases as soon as possible

 Fed hawks urged the Fed to begin reducing its bond-buying plan a day before Chairman Powell's keynote speech.  They believe that this plan has become ineffective and even harmful.

 St.  Louis Fed President Brad said on Thursday that "we don't need to buy assets at this point" and again urged the Fed to start slowing down its $120 billion worth of monthly debt purchases as soon as possible.  well and finish the plan early next year.

 Brad, Kansas City Fed President George, and Dallas Fed President Kaplan have mitigated the impact of the Delta variant virus under different circumstances.  "The basic thing we've heard is that they have withstood the impact of this backlash at least as much as the last few times. Many people told us that their business was less affected," he said.  much more."

 Brad and George have both stated that the Fed has made steady progress on its plan to reduce debt purchases, which is aimed at keeping interest rates low to support the economy. Brad said the Fed is "unifying" on  reduction plan.  George told Fox Business Channel that she expects more information after the Fed meeting on September 21-22.

 In view of strong inflation and projected job growth, "there's an opportunity to start reducing asset purchases," George said, and she wants the process to start "as soon as possible."

 Kaplan also reiterated his view that the Fed should announce the plan after its September meeting, begin action in October or "soon after" and complete the cuts in about eight months.

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Comment on XAUUSD by Money Life Research

 

 The current gold situation is more indicative of a downtrend reaction after the price in the last few days failed to pass the resistance on the H4 timeframe.  And this has been going on for 3 days in a row without any retracement.

 From the market price trend showing a downtrend reaction, what is the potential that could happen today.  Will the market make a retracement?  Or even continue the decline at a lower level?  Or a horizontal movement will occur.

 Through the current chart, the decline is still dominating the market price.  I see from this chart there are some 3 possible probabilities.  First, the price continued to decline after the rejection price at 1790.00 and there was no retracement until the market was active later.

 Second, the price made a horizontal move to yesterday’s lowest price before a clear setup is seen and a potential downside will occur later in the night.

 Third, the price performs a retracement in the lowest price area yesterday, or higher before a larger decline can occur.

 All three of these probabilities can occur during the morning and evening sessions as at this point the market is seen to be still inactive but the trend is seen now.  Trading like this can be accompanied by a good risk reward between 1: 1.5 / 1: 2 to generate long -term profits.

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Gold comment on August 26, 2021

 After rising to 1797 in the early morning of yesterday's trading session, precious metal Gold dropped to 1782 and closed the session around 1790. With the closing of the session with a bearish candle combined with  The previous 2 next day candles created a short-term reversal pattern and we will wait for a good price zone to establish a sell position in today's session.

 - Considering the short-term time frame is H4 in my opinion we can wait for the price to recover around 1794-1797 to establish a short position with precious metal Gold with a safe target around the threshold.  1784 and beyond 1779.

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Comment on Gold on August 20, 2021

In yesterday's trading session, precious metal Gold was still in a sideways range (1793-1773).  The gold price has not had a strong breakout yet and is still fluctuating within this range.  So in my personal opinion in today's session, we still continue to buy and sell in these 2 bands.

Establish a buy position if Gold touches the 1770-1775 price zone and sell when it rises to the 179x resistance area.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - International oil prices sometimes fell 4%, recording 6 consecutive declines.

 - The number of first jobless claims last week hit a new low since the outbreak of the disease.

 - Yellen said the unemployment assistance program should be expanded.

 - The Taliban declares the establishment of the "Islamic Emirate of Afghanistan".

 - Facebook faces antitrust lawsuit again

 2️⃣ Financial facts and data today

 - The price of NYMEX New York crude oil for September futures is affected by the monthly change.  The last transaction on the exchange will be completed on August 21, and the last transaction on the electronic exchange will be completed on August 21. Pay attention to the expiration notice.  transaction location to control risk.  Also, the expiration times of some US oil contracts on some exchanges are often a day earlier than the official NYMEX, so pay close attention.

The USDCAD currency pair rallied quite positively yesterday, surpassing the old peak area - the highest level since July 20 by :

 - Expect the Fed to tighten soon --> Positive for USD.

 - Good US economic data like "Unemployment Claims" decline ---> Positive for USD.

 - Crude oil declines ==> CAD declines.

 - Currently USDCAD has increased quite a lot, correction is necessary.  The resistance area at 1.285-1.287 might consider selling today.

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📕 Comment on Gold on August 19, 2021:

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 - In yesterday's session, precious metal Gold went in the right direction when it matched the sell limit area and fell from 1793 to 1777 ($ 16) then bounced back and closed the day with a green candle around the threshold.  1787. Although yesterday ended with a bullish candle, this candle has a negligible increase in strength and the downward pressure around 1793-1795 is still good.

 - Switching to a smaller time frame (H4) we can clearly see this when the candlesticks appear that the following high is lower than the previous high and the following low is deeper than the previous low.  So my personal view in today's trading session is still selling.  The nearest resistance area where we can establish a short position is 1786-1790 with a safe target around 1775 and an expectation of 1768.
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Comment on Gold on August 18, 2021

  - In yesterday's trading session, Gold bounced up to the right price zone of 1795 and dropped beautifully to 1780. Closing the day session with a bearish candle, this is the first day of decline after 4 days of rising.  quite strong.  With precious metal Gold starting to show signs of correction, in my opinion, there is a high probability that in today's trading session, precious metal Gold will continue yesterday's downtrend.

 - Moving to a shorter time frame, the nearest resistance area for Gold is around the 1787-1790 price range, here in my opinion we can continue to establish a short position with the precious metal Gold.  with a safety target around 1775 and an expectation of 1768.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Powell: Fed policy has limitations

 - The Federal Reserve FOMC will release the minutes of its monetary policy meeting

 - US retail sales fell more than expected in July

 - The SEC has temporarily suspended Chinese companies from using shell companies to come to the US for IPOs

 - Taliban conference in Afghanistan: do not want to repeat any war

 - RBNZ rate hike is expected to cool down

 - Japan approves plan to extend and extend the state of emergency restrictions

 2️⃣ Financial facts and data today

 - the Reserve Bank of New Zealand announced its decision on interest rates.  Previously, the market expected the Reserve Bank of New Zealand to raise interest rates by 25 basis points, but after the emergence of community transmission cases, the market was concerned that the epidemic would increase and bet  The interest in the Reserve Bank of New Zealand raising interest rates has been much cooled.

 - In the afternoon, the July CPI monthly rate will be announced in the UK and the Eurozone.  Be wary of fluctuations in the pound and the euro.

 - EIA of crude oil inventories from the United States until the 13th week of August 13.  API data released early this morning showed crude oil inventories continued to decline, and WTI crude futures fell slightly afterward.

 - The new crown anti-epidemic group will hold a press conference on the new crown vaccine booster on Wednesday, local time, and Biden will also give a speech.

 - the next morning, the Federal Reserve FOMC releases the minutes of its monetary policy meeting, you can focus on clues about QE.

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Analysis Gold on August 17, 2021

In yesterday's session, precious metal Gold did not have a correction to return to the analyzed buying zone, but only reached 1771, then went up to 1789, closing yesterday's session with a candle.  The green rallied around 1786 and currently, there is no sign of a reversal.

However, this is also the area where the price touches MA20 on the daily chart time frame, so the possibility of a slight correction here is also possible, in my opinion, I expect in the beginning of the session.  today's trading precious metal Gold will have a slight correction around 1775 to be able to establish a buy status with the target of 1795-1800.

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Check out the news that happened in the last 24 hours

 1️⃣ Yesterday's main news

 The Fed is expected to consider ending bond purchases by mid-2022.

 The Dow and S&P 500 continue to hit record highs.

 - According to the news that OPEC + has no intention to increase production, oil prices recover in the short term.

 - Japan increased its US debt holdings in June and China's debt holdings fell the most in 5 years.

 - The US government has begun a formal investigation into Tesla's autonomous driving system.

 - National Standing Committee: Finalize and implement a plan to cope with the increase in prices of important raw materials.

 2️⃣ Financial facts and data today

 - Today the Reserve Bank of Australia released the minutes of its August monetary policy meeting.

 - In the afternoon, the UK and the Eurozone will announce unemployment rates for the 7th consecutive month and be on the lookout for fluctuations in the pound and the euro.

 - the percentage of monthly retail sales for July in the United States, known as "terror data", will be released.  Expected value is -0.2%, lower than previous value of 0.6%.

 - The World Economic Forum held its special 2021 annual meeting today, until August 20.

 - the next day, Fed Chair Powell joined the videoconference.

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Comment on Gold on August 16, 2021

 

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 Last trading week after a sharp drop to 1684 precious metals Gold rebounded strongly, closing the week with a bullish candle and retreating around 1779. With the falling momentum almost retreating after the increase.  of the last trading sessions of the past week, in my personal opinion at the beginning of this week's trading session, it is likely that the precious metal Gold will continue to increase to move to higher price ranges.

 - Switching to the daily chart time frame, we can also see the strong uptrend of the candle on Friday and I expect in today's session, the precious metal Gold will continue to conquer the area.  price is higher around 1790-1795.  In the beginning of today's trading session, we will wait for this precious metal to correct slightly to be able to establish a buy position.  The closest support for Gold is around 1765-1769.  Here we can establish a buy position with an upward target of 1790-1795.

Overview on XAUUSD by Money Life Research

  The recent strong price increase puts the current price of gold at the resistance level last Monday.  Is gold able to make the price increase or decrease?

 .

 .

 For analysis, looking from this situation, the potential for the increase is still there but needs to manage to pass the highest price of 1755.00 to get comfortable space for the movement.

 .

 .

 But since at 1755.00 resistance is referred to as resistance and also there is a trendline that has been tested a few hours ago.  The upside potential is likely to stop so far, and the price is likely to go down if it really happens

 .

 .

 The horizontal movement early this morning only tested the zone and is still below the highest price

 .

 .

 Through this probability, the potential risk and reward can reach 1: 2 to 1: 5 so that there is a downward momentum and risk setting above the highest needle in the past day.

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📕 Comment on Gold on August 13, 2021

 

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 - In yesterday's trading session, precious metal Gold didn't change much when it fell from 1758 to 1741 then bounced back.  Closed with a bullish candle but this uptrend was only a sideways span during the day.  So in today's trading session, my personal opinion has not changed compared to yesterday's session.

 - The resistance zone of 1760-1765 is still the area where we wait to establish a short position in precious metal Gold with a safe target around 1740. And if 1740 is broken today then 1725  will be the next level this metal is heading towards.

Comment on Gold on 12/8/2021

 In yesterday's trading session, precious metal Gold had a strong gaining day when the price increased from 1723 to 1754 ($31) and closed the session with a bullish daily candle around 1751. With the increasing force  Yesterday's price was quite strong, in my opinion in the beginning of today's session, precious metal Gold continues to be pushed to the 1760-1765 price range without much correction.

 - As in the previous analysis I said that the price zone 1760-1770 is a support price zone that has been broken and now it is a new resistance area.  If the precious metal Gold in the beginning of today's trading session approaches this price range, it is possible that Gold will correct slightly after yesterday's strong rally and in my opinion, let's wait for the upper price zone.  to establish a short position in Gold with a safe target around 1740.

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📕 Comment on Gold on 12/8/2021:

In yesterday's trading session, precious metal Gold had a strong gaining day when the price increased from 1723 to 1754 ($31) and closed the session with a bullish daily candle around 1751. With the increasing force, Yesterday's price was quite strong, in my opinion at the beginning of today's session, precious metal Gold continues to be pushed to the 1760-1765 price range without much correction.

 As in the previous analysis, I said that the price zone 1760-1770 is a support price zone that has been broken, and now it is a new resistance area.  If the precious metal Gold at the beginning of today's trading session approaches this price range, it is possible that Gold will correct slightly after yesterday's strong rally and in my opinion, let's wait for the upper price zone.  to establish a short position in Gold with a safe target around 1740.

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Check out the news that happened in the last 24 hours

 

 1️⃣ Yesterday's main news

 - US monthly core CPI rate in July fell short of expectations

 - Fed Barking: It may take months to meet debt relief standards

 - Fed reverse repo usage exceeds $1 trillion again in two weeks

 - U.S. EIA crude oil inventories fell by 448,000 barrels last week

 - White House: Not asking US oil producers to increase production

 - US Senate approves $3.5 trillion budget plan

 - Nearly all Republicans in the US Senate warn against raising the debt ceiling

 - European investors invested nearly $1 billion in gold ETFs in July

 2️⃣ Financial facts and data today

 - Two monthly crude oil reports will be released on Thursday, the IEA monthly report and the OPEC monthly report.  Investors can observe the latest supply and demand situation in the crude oil market.

 - initial jobless claims from the United States through August 7 will be released, the expected value is 375,000, and the previous value is 385,000.  If the number of initial applicants continues to decline, it will further test the optimistic expectations of the US labor market.

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Check out the news that happened in the last 24 hours:

  1️⃣ Yesterday's main news

 Fed Evans: Employment could hit debt relief later this year.

 - The trillion dollar infrastructure bill passed in the Senate.

 - US media: Opposition from some Democrats could hinder Powell's re-election as Fed Chairman.

 - Biden intends to nominate Frost, an official with the Federal Reserve Bank of New York, as Assistant Secretary of the Treasury.

 - The Fed's use of reverse repurchase instruments approaches $1 trillion.

 Iraq plans to increase oil production to 8 million barrels per day by the end of 2027.

 - India will eliminate the use of cryptocurrencies to fund illegal activities.

 2️⃣ Financial facts and data today

 - the annual rate of the US CPI will not be seasonally adjusted for July, the expected value is 5.3%, the previous value is 5.4%;  at the same time, the monthly rate of US CPI after the July Adjustment season will be published, the expected value is 0.5%, and the previous value is 0.9%.

 - EIA crude oil inventories in the United States for the week to August 6. The previous value was 3.627 million barrels.  Additionally, in 2021, the FOMC voting committee and Atlanta Fed President Bostic will speak on how the Fed can make the economy more inclusive.

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Comment on Gold on August 11, 2021

In yesterday's session, precious metal Gold fell from 1738 to 1718 ($20) and rebounded to close the day session with a bearish candle with not too strong downward force.  Although it closed with a weak bearish candle, the upside momentum in the small time frames is negligible so my personal view today will continue to be a bearish signal.

On the daily chart time frame, the nearest resistance area to establish a short position according to me is around 1730-1735 and the safe target will be the intraday support of the precious metal Gold.  around 1718-1720 and I expect Gold can break this price zone to move down to 1705-1710. This is also the area I expect precious metal Gold can drop its destination in today's session.

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📕 Gold comment on August 10, 2021

 - In yesterday's trading session, precious metal Gold had a strong decrease day, at the beginning of the session the price dropped from 1764 to 1684 and closed the day with a bearish candle around 1730.  strong and the strong support area of ​​1750-1760 has been broken, so the downward pressure will weigh on this precious metal in the next trading sessions.

 - Yesterday we were quite successful in the short strategy and in my personal opinion today we continue to maintain this view.  On the daily chart time frame, the nearest resistance to establish a short position according to me is around 1735-1740.  The safe target is the short term support around 1720-1725
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Check out the news happening in the last 24 hours

  1️⃣ Yesterday's main news

 - Fed Bostic: Or start reducing debt from October to December.

 - Democrats in the US Senate announce a $3.5 trillion budget plan.

 - The provisions of crypto tax under the US Infrastructure Act have not been agreed.

 - US Treasury Secretary Yellen seeks bipartisan cooperation to resolve debt ceiling issue.

 - New York Fed survey: US consumers' short-term inflation expectations maintain record highs.

 - For the first time, JOLTS US employment exceeded 10 million people, exceeding the number of unemployed people.

 - Japan may increase its economic stimulus plan

 2️⃣ Financial facts and data today

 - the August ZEW Economic Sentiment Index for Germany and the Eurozone will be published.

 - the July US NFIB Small Business Confidence Index will be released, with the expected value of 102 and the previous value of 102.5.

 - 2022, the FOMC voting committee and Federal Reserve chair Cleveland Meester will deliver speeches on inflation risks.

 - EIA will release its monthly short-term energy outlook report.

 - the next day, API crude oil inventories will be released for the week from the US to August 6.

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The main news last weekend

  1️⃣ The main news last weekend

 - US unemployment rate recorded 5.4% in July

 - US Treasury Secretary Yellen Will Fight Reform Plans To Weaken Cryptocurrencies

 - Biden government considers stopping funding and other measures to stimulate vaccination

 - US$1 trillion infrastructure plan passed by Senate

 - Saudi Aramco: Committed to increase crude oil production to 13 million barrels per day

 2️⃣ Notable events and data today

 - China's July CPI annual rate, the expected value is 0.8%, and the previous value is 1.1%.

 - China's annual M2 money supply ratio in July, expected value is 8.7% and previous value is 8.6%.

 - Bostic, Chairman of the FOMC and Atlanta Fed voting committees, delivered a speech in 2021.

 - 2021 The FOMC Voting Committee and Fed Chairman Richmond Barr delivered speeches.

 - Closed Market Reminder: The Japan-Tokyo Stock Exchange will be closed for one day due to a mountain holiday.

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Comment on Gold on August 9, 2021

 - In the last trading week, precious metal Gold was mostly sideways and only when the US non-farm news was published on Friday night did the price drop very sharply from 1804 to 1758 ($46) to close.  weekly session with a strong bearish candle.  The downward force shows no sign of stopping when in the early morning of this session, the price dropped further from 1764 to 1684 ($80).  With a return to the hard support around 1678-1684, the precious metal has shown signs of recovery but in my opinion this recovery is likely to fall further at least to the price zone where the metal this morning  Gold precious touches.

- On the daily chart time frame, according to my subjective opinion, precious metal Gold is likely to recover to its maximum in the early hours of this morning to around 1735-1740 and then from here it is likely to continue to decline again.  again.  The safe profit-taking target for this sell-off in my opinion will be around 1705.

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Today Top Forex News by Money Life Research

  1️⃣ Yesterday's main news

 - Fed Daley: Either cut debt purchases later this year or early next year.

 - US bipartisan infrastructure bill will "suck" about $23 billion from crypto assets.

 - Initial jobless claims in the US recorded 385,000 last week.

 - Biden sets new energy vehicle sales to account for 50% of all new car sales by 2030.

 - World Gold Council: The global gold ETF in July currently has a small net inflow.

 - Bank of England: Continue to maintain current monetary policy and implement appropriate tightening measures if necessary.

 The FDA is developing a plan to boost the Covid19 vaccine.

 2️⃣ Financial facts and data today

 - the Reserve Bank of Australia issued a statement on monetary policy.

 - the US unemployment rate for July is expected to be 5.7% and the previous value is 5.9%;  Nonfarm employment population in the United States after seasonal adjustment in July, the expected value is an increase of 870,000, and the previous value is an increase of 850,000.  The nonfarm report could point to the direction of the Taper debate ahead of the Fed's rate decision in September.

 - the monthly US wholesale rate for June, both expected value and previous value is 0.8%.

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📕 Comment on Gold on August 6, 2021:

Ending yesterday's session, precious metal Gold had 1 day of decline from 1814 to 1797, closing the day session with a bearish candle around 1804. Although yesterday precious metal Gold was  there are deeper declines every day but the drop is not too strong and the support zone 1793-1797 has not been broken so in my opinion to trigger a deep drop, the precious metal will have to overcome this price zone.  

 - My personal view on precious metal Gold today is to wait for this precious metal to have another drop to the 1793-1797 price range, then wait for a recovery signal to buy up.  If the precious metal Gold breaks through 1793-1797, then 1781 will be the next support area of ​​the precious metal Gold today.

 XAUUSD H1

 The price drop occurred after the current price made the double top and failed to pass 1815.00 yesterday

 Today's market price movement managed to pass yesterday's lowest price and a possible decline can occur, if bullish engulfing is seen to occur on the m30 timeframe, and from this observation, a possible retracement can occur

 Among the prices that can be tracked is 1803.00 because it is the support price that was successfully broken early this morning.  However, the current price situation is more likely to look downtrend on current prices

 If the next candlestick manages to pass below this bullish engulfing, then this makes the engulfing invalid, if not passed then a potential short-term buy can occur with a stop loss on the lowest needle yesterday.

 Buying or selling at this point is allowed only on the basis of movement now the downtrend trend is stronger and now there is no clear setup except at the price of 1795.00 which was the support price a few days ago.

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📕 Comment on Gold on August 5, 2021

 In yesterday's trading session, we saw the following 2-way sweep of precious metal Gold, after rising to 1831 Gold fell back to 1806, closing the day with a bullish candle with a decent beard.  long term and if looking closely, the price is still in the sideways zone and hasn't changed much so my view on precious metal Gold today is still the same as yesterday.

We will continue to trade in its sideways range.  Establish a buy position when Gold reaches around the 1805-1808 support and consider selling when the price approaches the 1818-1820 resistance.
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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - "Small Non-Farming" hits new low since February.

 Fed Brad: Should end bond purchases in the first quarter of 2022.

 - Fed Vice Chair Clarida: Fed will announce debt relief later this year.

 - Crude oil inventories at the US EIA unexpectedly increased sharply last week.

 - The US Treasury Department will cut the issuance of Treasury bonds with interest rates as early as November.

 - Saudi Arabia raised official prices for all oils in September.

 - US Senator Warren praises Brainard for attacking Powell.

 - The U.S. Senator has filed amendments to the Cryptocurrency tax provisions of the Infrastructure Act.

 2️⃣ Today's Financial Facts and Data

 - the Bank of England will announce its decision on interest rates and the market generally expects the bank to maintain its dovish stance.  Since the Bank of England's policy meeting this week will not provide policy guidance, the Bank of America does not expect the Bank of England to send any clear signals.  Market attention will turn to the number of committee members who voted to end QE early.  The Monetary Policy Committee is expected to vote 6-2 in favor of maintaining the current bond-buying plan.  However, some bank officials have recently suggested that monetary policy could be tightened sooner than expected, raising the possibility of an unexpected end to UK government bond purchases.

 - the number of initial jobless claims from the United States through July 31 is expected to increase by 384,000, with the previous value increasing by 400,000.

 - Fed Governor Waller gave a speech on central bank digital currency.

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Key points in the Reserve Bank of Australia's interest rate decision.

 ① Interest rate level: keeping the cash rate unchanged at 0.1% and maintaining the 3-year bond yield target of 0.1%;  The actual inflation rate will not increase until the real inflation rate remains within the target range of 2-3%.

 ② Monetary Policy: Committed to maintaining highly accommodative monetary conditions, continuing to buy government bonds at A$5 billion a week until early September, and then $4 billion  Australia a week, at least until mid-November

 ③ Interest rate hike expectations: Interest rate hike conditions will not be met before 2024

 ④ GDP Expectations: GDP will contract in Q9, with a slightly more than 4% growth in 2022 and around 2.5% growth in 2023.

 ⑤ Inflation expectations: inflation rate in 2022 will be 1.75%, in 2023 it will be 2.25%

 ⑥ Expected unemployment rate: Will fall to around 4.25% by the end of 2022 and around 4% by the end of 2023

Market Analysis: With the release of the latest New Zealand jobs report -The data is very positive.  The market for bets on a Federal Reserve rate hike has increased.  The Reserve Bank of New Zealand is expected to raise interest rates to 1% before the end of the year.

After the data was released the NZD was supported to increase.

After New Zealand's July jobs data performed better than expected, analysts from various investment banking institutions in Australia and New Zealand have now agreed that the Reserve Bank of New Zealand will raise interest rates.  25 basis points at its next policy meeting on August 18. It is certain, and the respective analyst also believes that it does not mean that the Reserve Bank of New Zealand will raise interest rates once and for all.  again in November and December, so the benchmark interest rate will increase to 1% at the end of the year.

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Comment on Gold on August 3, 2021

  - In yesterday's trading session, after falling to 1805 precious metals Gold bounced up around 1819, closing the day session with a bearish candle with not much downward force.  With the end of the daily candle with the bearish force starting to wane plus the price still standing above the 1810 price zone, in my personal opinion in today's session we can start waiting to buy in.  around this price.  The expected target will be around the price of 1825.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Fed Governor Waller: The Fed may announce a reduction in debt purchases before September.

 - The text of the bipartisan infrastructure agreement completed this week is expected to vote on the bill.

 - US Treasury Department's cash balance drops to $459 billion.

 - US ISM manufacturing unexpectedly fell back in July, Markit manufacturing PMI hit a new high.

 - International Monetary Fund: USD valuation could be overvalued by 8.2%.

 - The size of euro governments and investment-grade corporate bonds hit record highs.

 - China Caixin manufacturing PMI fell to 50.3 in July, the lowest level since May 2020.

 2️⃣ Financial facts and data today

 - Reserve Bank of Australia announced the solution on interest rates

 - the monthly rate of PPI in the euro area for June will be announced

 - the monthly US factory order rate for June will be published.

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Trading Update on August 2, 2021

  1️⃣ The main news last weekend

 - The annual rate of the core PCE price index in the US in June hit a new high.

 - Fed Brad: The QE reduction will begin this fall and end in March next year.

 - Fed Governor Brainard: Will assess conditions to slow down asset purchases.

 The Fed's reverse buyback demand exceeded $1 trillion for the first time in history.

 - The Russian Ministry of Energy asked the government to ban the export of gasoline which could last for at least three months.

 2️⃣ Notable events and data today

 - China July Caixin Manufacturing PMI will be released

 - The final value of the eurozone manufacturing PMI for July will be published

 - The final value of the Markit Manufacturing PMI in the United States will be published in July.

 - Reminder: The Toronto Stock Exchange in Canada is closed for one day.

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Comment on Gold on August 2, 2021

  In the last week's trading session, precious metal Gold had bounces from 1792 to 1832, closing the week's session with a rising green candle, but in general compared to the previous 2 weeks, the momentum  The increase is not too strong and there is selling pressure when it hits the resistance level of 1832 and in my opinion, this precious metal will have another drop before rebounding.

 Moving to the shorter-term H4 time frame, we can see that this precious metal is currently hitting the short-term support around the 1812 price level and possibly recovering to the 1820-1823 level.  This is also the price range I expect Gold to recover to establish a sell-down position in today's session.  The expected target of this sale is around 1805-1808.

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