The market is waiting for Mr. Powell
Updated
Gold is in a downward channel marked with green for 4 hours.
Over a period of 1 hour, a rectangular shape is created that shows a short and weak uptrend.
In a 15-minute period, a triangular pattern is formed, with the current price of 1739 a step lower than the previous one, which marks the end of the short-term uptrend.
If gold creates a ceiling higher than the previous ceiling of 1746, its next target will be 1750.
But if this analysis is correct and the ceiling cannot be raised, there is a possibility of falling to 1733, 1728, 1724 and even 1720.
At 19:15 Tehran time today, there is a speech by Mr. Powell that has a direct impact on this chart.
According to Forex analysts, the price of gold is expected to rise at the beginning of the speech, and depending on the outcome of the Federal Reserve speech, the market decides to continue its downward trend or create a new uptrend.
However, our current strategy will be pre-speech short trading
Another strategy for today is a short-term uptrend. That is, the price increases to the range of 1745
The third strategy is to move inside the rectangle. Thus, the price moves in an uptrend channel between 1735 and 1746.
Over a period of 1 hour, a rectangular shape is created that shows a short and weak uptrend.
In a 15-minute period, a triangular pattern is formed, with the current price of 1739 a step lower than the previous one, which marks the end of the short-term uptrend.
If gold creates a ceiling higher than the previous ceiling of 1746, its next target will be 1750.
But if this analysis is correct and the ceiling cannot be raised, there is a possibility of falling to 1733, 1728, 1724 and even 1720.
At 19:15 Tehran time today, there is a speech by Mr. Powell that has a direct impact on this chart.
According to Forex analysts, the price of gold is expected to rise at the beginning of the speech, and depending on the outcome of the Federal Reserve speech, the market decides to continue its downward trend or create a new uptrend.
However, our current strategy will be pre-speech short trading
Another strategy for today is a short-term uptrend. That is, the price increases to the range of 1745
The third strategy is to move inside the rectangle. Thus, the price moves in an uptrend channel between 1735 and 1746.
Trade closed: target reached
yes
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.