GOLD: 1504 Pre-Fed into Break-Out to 1524
Gold has traded for a little while in the 1495-1505 range with considerable consolidation but risk to the downside has been heavily muted. Despite recent days where the market finished up, Gold has found continuous buyers to bring it back into the 1498-1500 range.
The Fed is expected to be at-least slightly Hawkish tomorrow and the September cut is likely not to occur at all. This will likely lead to a large algo sell-off in the general markets and a break-out to 1524 in Gold. Once we close above 1520 in Gold - whenever that may be - the trend will be extremely bullish.
Bears attempted to take Gold into the 1490s, however, this failed. Gold fell to 1492 and bounced to 1504 before consolidation near 1498 today.
Not until we fall under 1484 should anyone be bearish. This may never happen.
-- zSplit
The Fed is expected to be at-least slightly Hawkish tomorrow and the September cut is likely not to occur at all. This will likely lead to a large algo sell-off in the general markets and a break-out to 1524 in Gold. Once we close above 1520 in Gold - whenever that may be - the trend will be extremely bullish.
Bears attempted to take Gold into the 1490s, however, this failed. Gold fell to 1492 and bounced to 1504 before consolidation near 1498 today.
Not until we fall under 1484 should anyone be bearish. This may never happen.
-- zSplit
Trade active:
Falling descending triangular wedge while maintaining resistance. This is highly indicative of a slight fake out to the downside prior to a parabolic upside move.
I continue to be with “Team Bull” until Gold falls below 1484.
Keep stop losses tight at 1484 Incase any algo sell off occurs quickly.
I continue to be with “Team Bull” until Gold falls below 1484.
Keep stop losses tight at 1484 Incase any algo sell off occurs quickly.
1528 Break-out Post-Fed - just like I said.
What more can you guys ask for? :D
Support my other ideas for incredibly accurate Gold/Silver predictions.