On the higher timeframe, gold has been bearish for a while. With the perspective of the federal reserve keeping the rates among the highest between rich economies at 5.50%, the USD is seeing a very high interest towards it wich will make its value go higher. On the technical side, we can observe that price has made a pushback to $1950 and from this resistance has created lower lows and lower highs. My bias on GOLD is clearly bearish...
Comment:
Approaching TP1
Comment:
TP1 hit!
Trade closed: target reached:
TP1 has been reached and I have hedged my position since then. I am closing the overall transaction for a nice profit. GOLD is still bearish in my opinion however the next FOMC is close and I want to see how market will try to price in the forecasted data. The begining of next week might have unpredictable movements ahead of the meeting...
Comment:
After touching TP1. Gold is currently at key resistance and this level could be a nice entry for the expected bearish continuation.