GOLD - Wedge apex testback

FX:XAUUSD   Gold Spot / U.S. Dollar
6412 63 74
At Brainard's speech we've broken out of the wedge and yesterday aftermarket we tested back the apex
of the wedge . That level is also important as it is the the bottom of the consolidation. I don't think price will visit the beartrap between 1310-1302.
RSI 14 is showing a divergence as price has broken to new lows in the night but RSI couldn't get more oversold.
Anyway yesterday's sting to 1313 was just a manipulated move as a big player had dumped a big amount of contracts in the low volume session. It was nearly a 10$ move in 1 minute. Only those shorts were able to close their positions who had a take profit at that level.

I would like to see price to break above the 10 EMA and stay above. MACD crossover would be an important sign that we are heading up again.
Comment: Time of gold is coming.
Oil is falling despite the bullish inventory data. Stocks are also dropping.
And now the dollar is giving up.
We might see this year's most powerful gold rally in the following 5 days.
Comment: Gold is ignoring the dollar's move to the 200 SMA.
Comment: Smartmoney already knows no rate hike next week.
The chance is 15%.
I've read an interesting scenario I must share with you all. So, what happens if gold is going to rally on Monday, Tuesday into Wednesday leaving most of the traders out of the move as they are waiting for the FED decision?
I think alot of people are forgetting that a bull market does not go up in a straight line. There will be corrections and depending on peoples entry then they will suffer draw down. But people just need to hang on, as a bull market will give higher highs. To see just one reason we are in a bull market your weekly chart with a 200 MA. Yes we will get drops but people need to hang on. If people want to trade this back up to and beyond 1900 then they need to hold their balls, trade low leverage, sell parts on the highs, buy more on the lows and buy in increments. This is going to last a number of years and every correction people will start shouting its all "going wrong" , or "its now going bearish". You just need to remember we are on a bull market and bull markets in gold last at least yes least 5 years and this one has just started. -- ----buy long and hold----
Could our consensus bullish expectations be wrong and what if the triple bouncing off the multi-year bearish resistance line, instead of being a corrective structure in the new bullish rally, marked, in fact, the beginning of another cycle down to $1,000/oz area over the next nine month? Here is the chart supporting such scenario. I suggest analyzing this (rather unwelcomed, but not impossible) option would help to get ready to whatever direction Gold takes after the FOMC.

Interesting. For some reason I can't see MACD on my charts. Any suggestions? Thanks!
15% of what?
I think its odds of a rate hike and should be lower around 9-10% if I'm correct
what do you mean "The chance is 15%" ?
TheZabisyu MindTrader
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