Post FOMC Gold Movement (Long then Short at 1833-1835)
Last night's press conference of Fed Chair after the meeting Federal Open Market Committee (FOMC) is showing its results in strong upward movement in gold prices. On 1H chart, it is clearly heading towards 50% Fib level of 1833 where we might see some consolidation and possibly reversal towards neck line at 1810-1815.
Today another wave of volatility is also expected once the Q2 GDP figures are announced and compared to previous period and the hints from the Fed Chair press conference, better than forecast GDP figures are expected, which can produce downward spiral in gold prices, due to stronger dollar.
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Please also note that this is not a financial advise in any way.
Today another wave of volatility is also expected once the Q2 GDP figures are announced and compared to previous period and the hints from the Fed Chair press conference, better than forecast GDP figures are expected, which can produce downward spiral in gold prices, due to stronger dollar.
Please like and comment if you like the idea.
Please also note that this is not a financial advise in any way.