Gold - wait for entry confirmation - FED meeting this week
Updated
- price broke out of up trend channel last week and retraced several times from trend line
- price holds under 100D SMA = bearish
- RSI broke down from up trend line and showing further down movement
- wait for clear confirmation before entering this trade
On Tuesday and Wednesday the next FED meeting will take place. Many expect a timely increase of the prime rate. If that's the case, the gold price will go down. Should the FED still wait with the next increase, a rapid rise in the price of gold can be expected.
Good luck to all and have a nice week !
- price holds under 100D SMA = bearish
- RSI broke down from up trend line and showing further down movement
- wait for clear confirmation before entering this trade
On Tuesday and Wednesday the next FED meeting will take place. Many expect a timely increase of the prime rate. If that's the case, the gold price will go down. Should the FED still wait with the next increase, a rapid rise in the price of gold can be expected.
Good luck to all and have a nice week !
Trade closed: target reached
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