The shiny gold metal broke 4h support at 1498.05 last night begging the question on what's to come next. With yesterday's FOMC meeting and Powell speech cutting interest rates activated a swing/reversal pattern in Gold. XAUUSD found lows around 1482 before pivoting upward with relentless pull. Looking for gold to test monthly highs. keeping a close eye on the 1518 range.
With the recent growth on GU due to the speech, a wedge has formed on the D chart. With a long wick, expect GU to go down some in the coming days/weeks. Be smart and use good risk management. Good luck!
Looks like when I formulated this downward channel in UJ it forms a nice long position on the day chart. Lets see how this pair cooperates over the next week. Good luck, use good risk management in all trades.