After breaking the ascending wedge we flew straight back in it as the FOMC hike rates by 25 basis points. We hit the top of the wedge once more at 1957, is this the final push that gold needs?
It's inevitable that we will see 2000 again, the question is how long will it take?
Inevitable he says ;) Nah but decent this is, don’t forget we had CAD & USD SP PMI & USD Job Openings so although interest rate & FOMC went in favour of gold by decreasing the value of the dollar there was still better then expected HNR which is why we saw so much consolidated volatility with long shadows. That being said with the interest rate, FOMC and non farm on Friday we could definitely see could push up to 2000 in the next week or so
ChaseYoung
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Let me know your thoughts, any feedback is welcome!