We are in I -> J move
Upward move stopped at 0.7 fibo, vigorous move through the EMA indicates more upward pressure in the near future.
FOMC meeting will take place on 13-14th June.
Expect price of XAUUSD move down around these dates.
That will be another reason for XAUUSD to move down.
"June rate rise odds jump to 94% after Fed meeting"
I will close my longs today!
Next week UK have snap elections, have a good weekend everyone!
Some patterns are preserved in both cycles, according to this plot we have ~2 years before gold will reach new peak.
There is still a chance for XAUUSD to move down.
FOMC meeting takes place next week and may cause XAU to move down even more!
Price action of XAUSUD is completley illogical for me!
I would expect gold to move up since interest rates have been hiked.
Gold follows a pattern, which means there are computers and algorithms trading and making profits.
Let's wait another few weeks and find out is my plot going to be still active.
As we are in J -> A it seems line line should be a bit more horizontal.
Except of that my plot is still active.
on 5th I said 'awaiting for a signal" on 6th "plot is not valid".
'Long' trade was active since 15th May, now you have to follow what is on the picture.
Once I set up description on the plot, I cannot change it.