goldenBear88

Keeping my both set of Sells/Fed rate today

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
No changes so far after a very flat E.U. session as pre-Fed candles are usually volatile on all Hourly candles. I am satisfied with my weekly Profit so will wait for Fed reports carefully. I can easily spot on Hourly 4 chart how the current slow falling consolidation is repeating the pattern of November #26th - December #2nd. Stocks and Bonds are on Hourly 4 Resistance levels but of course it all really depends on the Fed (Rate decision) today. Like I mentioned yesterday, the statistics on how Fed days affect Gold are Bearish. One of the most volatile trading days is expected today according to the Historical Data with a #35.10 point differential on Daily chart, also seen by the wide margin (Neutral) on mostly all Hourly charts. Gold enters a Bearish period in my book and should dip today with Fed as a strong catalyst. Technical analysis cannot be immediately effective on such high volatility levels so, as I said, I will patiently wait for Fed with my open positions without need to engage additional orders to endanger my weekly Profit. No need to wait for stability to come back on the market, today I have fundamental catalyst which should emphasize the Bearish aggressive move to my first Target #1,680.80. Technically Daily chart formed Double Top candlestick formation and got rejected on #1,721.80 so gradually Gold is building it’s way to lower levels. Adding one more Sell on #1,685.80 is risk-worthy place to do it, but surely not now. If Gold don't break #1,692.80 it is going to be a ranged day but if it does, I may see a quite Bearish session today. As for the Price-action again/my comment, for now Gold is consolidating within #1,700’s belt as I mentioned yesterday. The movement is within my models and my Selling outlook is unchanged. I would like to note that the fact that Gold is consolidating on the Higher Low trend line of the Channel Down and as you see on the chart (Hourly 4) it resembles the last Higher Low. This validates it even more. I will update if the price action does something different. During the last #2 Fed rate hikes, On (March #3rd and #15th), Gold collapsed so I expect the same scenario as US session approaches with #88% chances for Bearish development.

- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.