Long position on Gold above 1,358 on possible bearish FOMC min.
Good morning,
I would like to trade gold at this moment, but I am not willing to take a massive risk prior to FOMC minutes that will be released later on today! As shown in the graph (4 hr time frame), gold is priced on the higher bound of a 1.5 year old wedge.
While the US-China-Mexico fumble is still on the bounce, twisted with brexit rumble and global economical slowdown has forced Mario Draghi's yesterday's comment on possible rate cuts, which has given more fuel for the yellow metal.
The only napalm arsenal required for gold to hit towards 1,400 only if the feds decide to throw in a rate cut as well.
A part of my conscience is telling me that this is highly improbable, however, I shall place a buy stop order @ 1,358 targeting 1,390. This order will expire tomorrow.
Good luck
Trade closed: target reached:
Good morning,
I just cannot believe my eyes waking up this morning. My order was fulfilled and my take profit reached all within Asia trading session.
A $32 per ounce profit. Big win for such a short period.
The Fed minutes did not change as expect but the tone of the message was well encrypted with worries from global economical slowdown, and the inflation still below the 2% target which could lead to possible rate cuts in the next half.
Have a good day
I just cannot believe my eyes waking up this morning. My order was fulfilled and my take profit reached all within Asia trading session.
A $32 per ounce profit. Big win for such a short period.
The Fed minutes did not change as expect but the tone of the message was well encrypted with worries from global economical slowdown, and the inflation still below the 2% target which could lead to possible rate cuts in the next half.
Have a good day