FOREXCOM:XAUUSD had a fairly decent rally last week running into the 1.27% extension Butterfly level of 2192. Now i'm looking for a retracement to Buy looking for the next move higher towards 2250 where we have 2 1.618% EXT levels to watch. Wednesday we do have the US Interest Rate decision which will move the market some more, so until then there might be some consolidation.
Larger and smaller TF charts to follow.
Enjoy the week.
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15min TF. Coming into the key area to watch today.
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Multiple levels from 2350-2380.
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After the spike down today it looks as though we are headed down to the lower targets. Probably unlikely to see a lot of action before the FED Decision tomorrow.
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Not much to update here but with the FED today things will change real quick. Keep an eye on that. I would like to get it around 2128-2132. Tomorrow will give us more of a clear idea.
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Abit of an update on the GOLD. Getting close to a key area for the rally to continue into the upper sell area. Downside targets are below 2150.
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With all the short levels blown through last week with what looks like some sort of manipulation we now take a longer term look at what levels it could be going to next. I will post a shorter term TF after this post to try and drill in to get some good entries. There is also a major CIT Window on Monday/Tuesday which could swing things. The US is releasing some Inflation data today on a Holiday which could see some volatility Monday.
Enjoy the weekend and the week ahead.
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A smaller TF look at a couple of possibilities coming Monday. I will update after the open.