chartwatchers
Long

GOLD - FED MINUTES UPDATE

FX:XAUUSD   Gold Spot / U.S. Dollar
3721 33 64
It's important to check what happened at the previous FED minutes. More often than not these days were kind of reversal days. So get ready we might get our gold             bottom today. I highlighte by blue boxes where we had reversal in the past at FED minutes.
At these FED minutes reversals price many times tested back the lows that occured a few days before.
So just prepare for a test of 1240 or maybe a test of the 240 SMA at 1230 $.
As we are late in the daily cycle there will be no follow through after a spike down. I will be adding at the lower low level if there will be any.

As I'M watching the dollar the minutes release might be bearish for the dollar. We are just 3 weeks before elections. The strong dollar as bad as for today's power as the falling dollar or the falling SM.
The FED needs to take care of the balance so don't get surprised if it's obvious from the minutes release that no rate hike till December and gold             just rockets higher without any spike down.
Comment: It seems it's going to be a reversal again after FED minutes.
We just tested back the 20 & 50 EMA + the flag's trendline on the hourly after breaking out of the flag earlier in the night.
snapshot
Comment: Now we need to print the daily swing. That will pull in the big players.
Swing level is at 1265.21$.
snapshot
Comment: Daily RSI is leaving oversold.
Daily swing confirmed if we break above the Friday's high.
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Damn this makes me skeptical of my gold long lol.
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I am out at break even. While gold, USD both show strength, the strength of USD appears to be greater than that of gold, now and in the future. That will likely weaken gold ultimately, it appears to me.
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Yellin will be blowin smoke on Friday and blowing somebody on Saturday. That's my prediction. Ha
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USSRandolph kidbroge
That was helpful
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hahahaha
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still ..hahahaha
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you think it will come down a bit more from here?

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Maybe at yellen's speech tomorrow. But I still think she will heavily try to push the dollar down. They need the export lobby before the elections.
You saw the minutes yesterday. The last FED meeting was hawkish...
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Price has held after the fed minutes above 1250 and did not retest the lows of the week. Since then every dip has been met with a bounce. Maybe the Chinese really have returned. Can a rally be next? The lack of a drop is a good sign.
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Especially when dollar is bouncing so hard. This shows gold strength
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