goldenBear88

Gold on a crossroads / Fed rate ahead

TVC:GOLD   CFDs on Gold (US$ / OZ)
After booking huge Profits on both of my sets of Sell orders yesterday (which makes it #14 Profits in a row with only #2 Stop-loss hits), Volatile Price-action is visible towards the U.S. session opening Bell (Hourly 1 chart Bearish Gap fill which was bought back instantly) as in the absence of high impact macroeconomic reports (besides Fed announcement later on today's session), Gold is inside a range on the last three Hourly 4 candles. Notice how this is taking place exactly above the Hourly 4 #MA50. As long as Gold stays below #1,972.80, the Short-term bias is Bearish towards the Hourly 4 #1,927.80 Support and Support which is been holding since September #9. If however #1,972.80 breaks, I will most likely have a Bullish break-out signal towards #1,988.80. If today's announcement leave the Rate unchanged, probably Gold will turn from Bearish to Bullish on Medium-term and will continue Trading within a Channel Up. Trade accordingly but do not take excessive risks as the week is just begun and during the week Gold may have high impact news and #30-40$ Swings on both sides. I am Medium-term Trader and for now I don’t see such opportunity to position myself, so will wait for area to be Engulfed and then make my move. I won't rush and endanger my Monthly Profits, I will Trade the breakout. If the Rate remains unchanged and #1,972.80 gets broken, I won't hesitate to engage my set of Buy orders. However, if Support of #1,955.80 gets broken, Gold should be calling for #1,937.80 extension.

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