We saw XAUUSD making a New low at 1781. We also saw price rebound from 1785 then afterwards 1781. Price make a breakout of downward channel on announcement of interest rates hike from ECB. I think intent is very clear.
Now Gold is betting on the FOMC interest rates announcement on 26-27 July. I believes all the odds are priced in. We may see price increase after the FOMC. 75 BPS priced in and more likely. 100 BPs to me is unlikely as recession sounds looming in. Price will go up on 75 BPS announcement.
Chart says everything. I believe strategy should be buying on dips with good money management.
Good luck and Regards,
Share your comments on the idea and what are the odds do share.
Now Gold is betting on the FOMC interest rates announcement on 26-27 July. I believes all the odds are priced in. We may see price increase after the FOMC. 75 BPS priced in and more likely. 100 BPs to me is unlikely as recession sounds looming in. Price will go up on 75 BPS announcement.
Chart says everything. I believe strategy should be buying on dips with good money management.
Good luck and Regards,
Share your comments on the idea and what are the odds do share.
Comment:
TP1 Reached. We are about to meet TP2. Congratulations