If market is reacting logically (that's not always the case), and if price reaches one or the other PRZ:
Fed's rate hike: Eurus should be
No change: Eurus should be
Pattern : Bat
Just an idea, not a trade for the moment.
Preference goes to .
Note : likely pattern for USDollar
As i said, if market is reacting logically, yes, gold should fall (like any pair in USD, imho)
But remember, in december 2015 when the first rate hike was decided, gold took 30% upward. Logic ? not really.
So, i don't care if hike or not hike.
In my chart you could invert "HIKE" and "NO hike" because i'm a "fibo/harmonic" trader and not a Fundamental trader.
But, in all cases, this event could be a good opportunity for any kind of reversal (up or down)