FX:XAUUSD   Gold Spot / U.S. Dollar
4442 49 70
Just a short update before the FED decision.
Today we bounced from the green trendline and we broke the descending trendline (blue). It seems we have the perfect setup for a rally.
The last few hours of bounce seems an artificial move to me. It's too simple to end this daily cycle at the trendline .
On the daily chart I was waiting for to tag the 50 EMA and that didn't happen though.

So I'm not buying this bounce yet, but I don't want be get caught in the next rally with the rest of my shorts. We stole a lot of money from the bull from 1368$ even till today.
I'm going to close all of my shorts before the FED decision except a very small position. For that position I'm going to set a stop loss at 1334$. Just to have some skin in the game if we break down the trendline and tag the 50 EMA on the daily chart ....

If the rally is starting now - and after the FED decision - it's going to go above 1400$ so I dont care if I enter 10$ later only.
Comment: I would have liked to see the 50 EMA tag on the daily chart...
snapshot
Trade closed: stop reached: Closed every short position before FOMC.
A small position was stopped at 1334
Yen and Euro bottoming at the same time, USD is toast. Gold will shoot up.
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I put long on $1341.63 (a bit too late to enter) and saw it's still bullish at that point. Do you think it will still bullish? To what point? At least $1360? It's kind of bearish right now at $1338
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Gold, dollar and stocks correcting together. I think only now Sept rate hike is being priced in as well as major crisis is being priced out. Yesterday we had just panic short coverage on no hike news. Preliminary open interest in gold futures is -7000 (dont trust that too much). If today and tomorrow gold will not follow the push up. That means loss of interest in gold.
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pbartashevich PRO pbartashevich
Final open interest in gold for yesterday is -7500. For silver it is +2000. In gold traders just closing old contracts. so be careful with long positions.
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Finally media started at least talking about Feds policy. Amazing how prior to meeting yesterday media was ignoring it as it doesn't exist.
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Hm. Investors did not like ABX earnings too much yesterday and GG reported a net loss of -9 cents vs +4 expected. Go figure..
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I a a distressed that I missed the 1315 double bottom and subsequent $30 rise. Should have been more vigilant and self reliant. I now see resistance around 1345, a $10 correction then move up to $1400+. Anyone's thoughts please.
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Dont be... 1315 was not a buy. 1330$ was a buy only.
ANd we can easily drop to 1335$.
It will rally 100$ . WHo cares that 15$ ?
Keep some rdy powder and add the dips. The chance to fall below 1315 is very low
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