Hey, traders. It's good to see you guys agian.
There is a big movement in market right now and, today, we should not forget that FOMC is helding.
Let's see what happened and how the chart moves.
We can see
1. the price had broken the 1680 ~ 2080 box pattern
2. Short-term descending channel has been kept
We should check
1. Fed Interest Rate Decision
2. BoJ Monetary Policy Statement
3. BoE Interest Rate Decision (Sep)
4. Fed Chair Powell Speaks
5. Putin "announcemet partial mobilisation in Russia in escalation of Ukraine war"
We can expect
1. the price jump up for short from middle line of the descending channel to 1680 which is bottom of the box pattern.
2. the price drops to 1550 from resistance on 1680.
3. the price rises slowly to top of the descending channel and drops by resistance.
Because of Putin's announcement, gold price had been jumping up for short.
This can be chance to have a sell position from 1680 to 1550 which looks like bottom of the descending channel.
Also, today, we have FOMC. Fed will increase their interest. Most of market participant predict increasing 75bp for now.
But, we should think of variables like increasing 50bp or 100bp. Maybe, less aggressive monetary policy on November and December.
If Fed increase 75bp, as we think, the most possible movement is that the price will jump up for short and drops to 1550 slowly.
Let's see what happens and how the chart moves.
Thanks for reading, and hope this insight was helpful.
There is a big movement in market right now and, today, we should not forget that FOMC is helding.
Let's see what happened and how the chart moves.
We can see
1. the price had broken the 1680 ~ 2080 box pattern
2. Short-term descending channel has been kept
We should check
1. Fed Interest Rate Decision
2. BoJ Monetary Policy Statement
3. BoE Interest Rate Decision (Sep)
4. Fed Chair Powell Speaks
5. Putin "announcemet partial mobilisation in Russia in escalation of Ukraine war"
We can expect
1. the price jump up for short from middle line of the descending channel to 1680 which is bottom of the box pattern.
2. the price drops to 1550 from resistance on 1680.
3. the price rises slowly to top of the descending channel and drops by resistance.
Because of Putin's announcement, gold price had been jumping up for short.
This can be chance to have a sell position from 1680 to 1550 which looks like bottom of the descending channel.
Also, today, we have FOMC. Fed will increase their interest. Most of market participant predict increasing 75bp for now.
But, we should think of variables like increasing 50bp or 100bp. Maybe, less aggressive monetary policy on November and December.
If Fed increase 75bp, as we think, the most possible movement is that the price will jump up for short and drops to 1550 slowly.
Let's see what happens and how the chart moves.
Thanks for reading, and hope this insight was helpful.
