Gold just hit the upper limit of a strong parallel channel. This trade is simple and clean. Canceled if price breaks above 1358.
Target set at 1322.
fundamentals :
-Watch for Fed's Beige Book today (it will set the trend of the USD for today). Fairly good news is expected and should support the USD and put downward pressure on gold - SHORT-TIME ONLY because economic growth is expected to slow down next year - potentially next quarter
-Wall Street is already pricing rates increase - however, USD seems to be a bit off
Target set at 1322.
fundamentals :
-Watch for Fed's Beige Book today (it will set the trend of the USD for today). Fairly good news is expected and should support the USD and put downward pressure on gold - SHORT-TIME ONLY because economic growth is expected to slow down next year - potentially next quarter
-Wall Street is already pricing rates increase - however, USD seems to be a bit off
Trade active:
Trade is going well, entered in at 1352. Now actively managing the stop loss.
Trade is going well, entered in at 1352. Now actively managing the stop loss.