Gold - wait for entry confirmation - FED meeting this week
- price broke out of up trend channel last week and retraced several times from trend line
- price holds under 100D SMA = bearish
- RSI broke down from up trend line and showing further down movement
- wait for clear confirmation before entering this trade
On Tuesday and Wednesday the next FED meeting will take place. Many expect a timely increase of the prime rate. If that's the case, the gold price will go down. Should the FED still wait with the next increase, a rapid rise in the price of gold can be expected.
Good luck to all and have a nice week !
- price holds under 100D SMA = bearish
- RSI broke down from up trend line and showing further down movement
- wait for clear confirmation before entering this trade
On Tuesday and Wednesday the next FED meeting will take place. Many expect a timely increase of the prime rate. If that's the case, the gold price will go down. Should the FED still wait with the next increase, a rapid rise in the price of gold can be expected.
Good luck to all and have a nice week !
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
