As we said last week, Gold has been dropping hard (we called it!) since the beginning of June, and we are still expecting more downside on it.
Technically speaking, many support areas have been broken during last week's downside movement. And a has formed, which is supporting the current downside momentum.
For this week, we need to closely watch how the price will react when it reaches the trendline and the key area $1694-$1698.
If Gold shows a clear break and a 4H candle close above the trendline area, then this would confirm that our Scenario 2 is active.
On the other hand, if Gold fails to break above the trendline, and sees a major rejection of the key area $1694-$1698. Then this would confirm that our Scenario 1 is active.
Likewise, if Gold drops hard below $1680, then this is also a confirmation for our Scenario 1 to activate.
📰 Economical News to watch for:
1) U.S Consumer Price Index ( CPI ) m/m
2) U.S Core CPI m/m
3) U.S FOMC Economic Projections
4) U.S FOMC Statement
5) Federal Funds/Interest Rate (very important)❗️
6) U.S FOMC Press Conference
7) U.S Producer Price Index (CPP) m/m
8) U.S Core CPP Index m/m
9) U.S Unemployment Claims
10) U.S Prelim UoM Consumer Sentiment
Again, this could be a very volatile week, especially on Wednesday due to the U.S. Interest rate decision, so stay cautious!
⚠️ Risk ONLY: 2-3%
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After that, it did a retest of the broken trendline, failing to go back below it. Hence, as per our analysis description: "If Gold shows a clear break and a 4H candle close above the trendline area, then this would confirm that our Bullish Scenario 2 is active."
Bullish Scenario 2 was activated, and running in ~100pips profit🤩💵
150+ pips secured.. SL moved to profit💰
270+ PIPs profit secured 🤑💵
Congrats to everyone who took the trade, and enjoy your profits!😊💰