Co-pilot: act as professional forex trading analyst, based on 19 September 2024 which is today's news existing home sales (august) and existing home sales (mom) that will happen at 10pm tonight what is the likely market trend for xauusd? is it sell or buy and which market price is the best entry?
Based on the latest data and market analysis, here’s a professional outlook for XAU/USD (Gold) trading:
1. **Market Trend**: The current trend for XAU/USD is bullish. Analysts are recommending long trades due to the strong upward momentum⁴⁵. The price has broken through key resistance levels and continues to show signs of further increase⁴.
2. **Impact of Existing Home Sales Data**: The existing home sales data for August 2024, which will be released at 10 PM tonight, could influence the market. If the data shows a significant increase, it might strengthen the USD, potentially putting some pressure on gold prices. Conversely, weaker-than-expected data could further support the bullish trend for gold.
3. **Best Entry Price**: For a long position, the best entry price would be around $2,560 to $2,580⁴⁵. Setting a stop loss around $2,525 to $2,550 can help manage risk⁵.
Would you like more detailed insights or have any specific questions about your trading strategy?
Source: Conversation with Copilot, 9/19/2024
(1) XAUUSD - Daily Forecast for 9/19/24 - FXSSI. https://fxssi.com/xauusd-daily-forecast-for-19-sep-2024.
(2) Chart Art: Potential Trend Support Areas For Gold (XAU/USD). https://www.babypips.com/trading/chart-art-commodities-xauusd-potential-trend-support-areas-for-gold-2024-09-19.
(3) Existing-Home Sales - National Association of REALTORS®. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales.
(4) US Existing Home Sales Monthly Insights: Existing-Home Sales - YCharts. https://ycharts.com/indicators/us_existing_home_sales.
(5) US Existing Home Sales MoM (I:USEHSMM) - YCharts. https://ycharts.com/indicators/us_existing_home_sales_mom.
(6) XAUUSD - Daily Forecast for 9/19/24 - FXSSI. https://bing.com/search?q=xauusd+market+trend+19+September+2024.
(7) XAUUSD – 19 Sep 2024 - fortuneprime.com. https://fortuneprime.com/daily-technical-analysis/xauusd-19-sep-2024/.
(8) Gold (XAUUSD) price forecast and analysis for today - 18 September 2024 .... https://roboforex.com/beginners/analytics/forex-forecast/commodities/xauusd-gold-forecast-2024-09-18/.
