JICPT| Gold rose as expected to opposing supply zone!
Hello everyone. This is the update of my published idea titled 'Daily bullish setup of Gold(1790-1783)' on July 22nd. You can check the link below. The setup worked very well. It kissed the level of 1789 which is just below my recommended level. The risk is low and profit margin is high!
After that, price went sideways until FOMC statement released yesterday. The fed chair Powell reassured investors that rate hike won't happen soon. As the negative correlation of interest rate and gold, the upper boundary of the sideway zone gets violated firmly. The momentum is pretty strong that the price is now approaching opposite supply zone. You can see how gold, Nasdaq and US 10Y yield move in the below chart. I drew black lines to better show It quite useful.
I took the recent high as supply zone. Buyer should watch for the potential reversal risk. Once conquered, the next level is 1870.
Give me a like if you're with me. Thank you for your support.
After that, price went sideways until FOMC statement released yesterday. The fed chair Powell reassured investors that rate hike won't happen soon. As the negative correlation of interest rate and gold, the upper boundary of the sideway zone gets violated firmly. The momentum is pretty strong that the price is now approaching opposite supply zone. You can see how gold, Nasdaq and US 10Y yield move in the below chart. I drew black lines to better show It quite useful.
I took the recent high as supply zone. Buyer should watch for the potential reversal risk. Once conquered, the next level is 1870.
Give me a like if you're with me. Thank you for your support.
Comment:
It hit my pre-set alert and went down from there
plan your trade and trade your plan
