Bearish Bat just form on GOLD with perfect Fibonacci ratios beside XA leg being 51.3% instead of 50%. Trade at your own risk. Op.Price : 1259 TP #1: 1253.35 TP # 2 : 1249.84 SL: 1261
Federal Reserve Chair Janet Yellen said more interest-rate increases will be appropriate if the U.S. economy meets the central bank’s outlook for gradually rising inflation and tightening labor markets.
Hi Freedom Traders, a nice opportunity to sell gold here. 2 patterns give us a trading advantage... Of course, only when it fits your trading plan... Happy Trading!
GC has been oscillate btw 1200-1220. Recent two day's rally is largely due to FOMC remained interest rates constant and that drives Gold higher + the uncertainty that Trump will bring on H1B policy. Expect to see GC back to 1205-1210 again in couple few days.
I will short this pair with this setup : SL: 1225 TP: 1080 Good Luck !
sl 1227 short limit order 1206.5 t1 1184 t2 1166 2618 trade setup - short (double top, .618 retracement to enter short trade) US Dollar index (DXY) could possibly find support around 99 to 100.5 for another bullish wave
As expected, GC didn't break through 1220 and went down to 1200 range and fell into the blue box support range. It's likely to to test 1188 directly or went up from 1200-1210 and test down to the next support again.
Gold Short for Short Term. Good Risk Reward
As the MACD looks to roll over in TY1 and the rise in yields looks to resume, gold is in a bind given the two have a notable inverse correlation!
Short Term Correction in Gold.. Excellent Risk Reward
Gold not holding above 1140 and drop badly where Weekly strong Resistance also around 1148 where below 1150 is now giving support to seller Advice sell in range of 1138-1147 sl above 1155 TP1 1122 TP2 1112
This looks rather ominous from this perspective, I am certainly biased short...
As the MACD rolls over, it is worth one's while covering shorts or lightening one's sizing.
In an unmistakeable correlation, a higher short end of the curve means gold is relatively less attractive to own. This argument has strong claims on both reason and evidence... Hence, with a hikepending, watch for gold lower.
This is arguably my favourite gold interpretation. Albeit, I consider Fibonacci to be pseudoscientific, so I don't weight the internal lines highly, except for the fact that they do appear to represent support and resistance to some extent. In any case, I think there's a reasonable case for gold to resume it's trend lower.