has sold off as the initial reaction after the FOMC meeting on Sept 26th. However right now is a very good spot for at least a bounce play imho
. I'm sharing the chart of Gold
priced in Yuan. It shows that gold
has sold off all the way down to the LVN
8126, where previous sharp rebounds have happened. Assuming that USD/CNH
has topped, then this is the best chance we've seen since the 1160 drop in gold
last month. It also gives clear edge on when to exit the trade. If XAUCNY breaks current level, then it will probably sell off all the way down to the floor of the next market structure, which corresponds to 1140-1150 if priced in USD.