BOTTOM FOR GOLD? - FED RATES TOMORROW; ONLY A PROJECTION!
As illustrated, I am trying to visualize what COULD be an inverted head & shoulders pattern, THAT HAS NOT BEEN FORMED YET!
I REPEAT: IT HAS NOT BEEN FORMED YET
The only reason I share this idea, is because tomorrow, WED 18th, the FED has to decide for the last time this year if to lower rates or keep them at 4.75% basis points. Should the FED decide to LOWER them, this could cause gold to spike and potentially being the bullish impulse I am trying to project here.
Should the FED KEEP the rates where they are, the market MIGHT simply continue its "current normal" path which STILL HAS BEARISH STRUCTURE.
THAT BEING SAID...
Be patient with this potential setup, and wait for the rates to come out + a few hours for the market to price in the decision of the FED, because there is still room for gold to drop to the psychological price range of 2610 - 2600.
Gold is at a spot where it could manipulate one more time before a pop to the upside, in order to induce sellers and generate liquidity.
Regardless the outcome of the FED rates, if price does indeed take off, make sure it closes above the pivot area illustrated and make sure such area HODLS as support In the near future for a potential buy opportunity towards a year-end bull expansion toward + 2730...
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GOOD LUCK!
I REPEAT: IT HAS NOT BEEN FORMED YET
The only reason I share this idea, is because tomorrow, WED 18th, the FED has to decide for the last time this year if to lower rates or keep them at 4.75% basis points. Should the FED decide to LOWER them, this could cause gold to spike and potentially being the bullish impulse I am trying to project here.
Should the FED KEEP the rates where they are, the market MIGHT simply continue its "current normal" path which STILL HAS BEARISH STRUCTURE.
THAT BEING SAID...
Be patient with this potential setup, and wait for the rates to come out + a few hours for the market to price in the decision of the FED, because there is still room for gold to drop to the psychological price range of 2610 - 2600.
Gold is at a spot where it could manipulate one more time before a pop to the upside, in order to induce sellers and generate liquidity.
Regardless the outcome of the FED rates, if price does indeed take off, make sure it closes above the pivot area illustrated and make sure such area HODLS as support In the near future for a potential buy opportunity towards a year-end bull expansion toward + 2730...
--
GOOD LUCK!
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