OANDA:XAUUSD   Gold Spot / U.S. Dollar

This is our view for CPI/FOMC, please do your own research and analysis to make an informed decision on the markets. It is not recommended you try to trade the event if you have less than 6 months trading experience and have a trusted risk strategy in place. The markets are extremely volatile, and these events can cause aggressive swings in price.

In all honesty, we would prefer to let them move the markets today into the level they want, then look for a set up to get in on the retracement tomorrow. At the moment, due to CPI and FOMC being on the same day, it’s likely to be an extremely aggressive move. We’re going to put the KOG Report plan to one side for now, as the whipsaw can cause spikes and key levels turn to extreme levels and we’ve taken what we needed on gold for now.

We have the range formed now and accumulation under way with sentiment standing at neutral. We have key level support below at the 2303-5 region, which if tapped could give a bounce upside, unless broken into the first key level 2335 which was on the KOG Report and then the extension of the move into the 2347-55 region. This is where there may be an opportunity to long into, or, on the flip capture the move downside into the immediate support levels, potentially even lower!

If you look at the illustration on the chart with path, we have highlighted the extreme level above sitting at 2385-90, this for us is on the break and would be ideal. If they take it there, this is the level we want to watch and is sticking out to us as a potential curveball, so please be careful!

On the flip, they take this down, we’ll sit back and wait, shorting with volume is a bad idea as the intermediate swings can go against you. So, we’ve highlighted the key levels below that have potential for a reaction in price.

We’ve put this report together this time to show you what the market can be capable of if they really want to move it. The circles are our hotspots, together with our targets they will help us navigate the move. They will want to slip new traders up and get them trading with the candles, this is a recipe for disaster, on days like this quick money trades are not an option. It’s either above or below for us on this occasion, otherwise we’ll come back to gold tomorrow and make our move.

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As always, trade safe.

We're in the first higher hotspot now, would like to see this go higher so lets wait and see what FOMC has to offer


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