I posted my gold analysis on Monday where I considered the possibility of a stop hunt before a decisive move down and we are looking at that scenario now. I gave an upper target of the stop hunt and we have hit that to the dollar.
I am looking at a swing short here on gold with at least 10% drop overtime and have a wide SL as indicated in the chart.
The only risk here is FOMO due to misinterpretation of fed meeting yesterday, FED did not say that they are pausing interest rates anytime soon, but big media house is misinterpreting what Powell said yesterday and saying Fed is likely to pause raising rates. (www.youtube.com/watch?v=WgvDoudP... ) . This can lead to some weakness in dollar and push gold higher, but my stance is clear on Both Gold and DXY.
DXY is forming a long-term bottom and Gold is due a good correction.
I have attached links to my previous gold and DXY analysis below this post.
I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned and if you like my content and would like to learn from my experience hit like and follow me for getting notified on my trade, market projections and several upcoming tutorials on technical analysis and several technical Indicators. You can also leave a comment and let me know if you want me to analyze any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
I am looking at a swing short here on gold with at least 10% drop overtime and have a wide SL as indicated in the chart.
The only risk here is FOMO due to misinterpretation of fed meeting yesterday, FED did not say that they are pausing interest rates anytime soon, but big media house is misinterpreting what Powell said yesterday and saying Fed is likely to pause raising rates. (www.youtube.com/watch?v=WgvDoudP... ) . This can lead to some weakness in dollar and push gold higher, but my stance is clear on Both Gold and DXY.
DXY is forming a long-term bottom and Gold is due a good correction.
I have attached links to my previous gold and DXY analysis below this post.
I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned and if you like my content and would like to learn from my experience hit like and follow me for getting notified on my trade, market projections and several upcoming tutorials on technical analysis and several technical Indicators. You can also leave a comment and let me know if you want me to analyze any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
