Hello dear precious metals friends, and welcome to this Gold technical analysis and price prediction for October 16th 2019!
Gold faked out yesterday on the Hourly, and turned into a Falling Wedge now on the 4H, which will see a break coming. Have fun watching! ;)
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I sold here after Evans's announcement today that he doesn't see any need for another rate cut this year.
Edgy_
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@ChristopherCarrollSmith, Thx for your comment buddy. Well, let's see. I trust much more the hedge funds in this case -esp. Bridgewater- than the FED. But more important: We'll see it coming in the chart, no matter who is uttering what in the news. If we turn bearish, we will have to see a lower high & lower low on the weekly.
So when you say 'I sold it', this is a very generalized statement. I don't know if you were HODLing or actively trading this.
ChristopherCarrollSmith
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I had about a thousand dollars' worth and exited with about 2% profit. You're right that it's not showing much weakness on this news yet, but better safe than sorry, I figure.
ChristopherCarrollSmith
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Oh, I just noticed this is XAUUSD. I was holding JNUG. But they're closely tied together.