GOLD (XAU/USD) - Waiting on FOMC
Updated
Good day everyone.
We have an important day ahead with FOMC just around the corner. With that being said I expect the market to be a bit messy before/during the event, so I advise everyone to stay away from any trading today unless you have something clear on your chart and you use proper risk.
Coming back to GOLD, the recent rally is now taking a small breath and it is pulling back a bit. The trend remains unchanged for now.
We are expecting this correction to end soon and we can see the price continuing towards the upside. One level to watch is the confluence between the 4H OB (blue - highlighted on the chart ) and the important zone on the FIB level located between 70.5%-78%. That's the area where we will be looking for a bullish reaction and could also give us a MACD crossover.
If anything occurs before that, we will be looking at the 1H trendline to see if we get a clean breakout and a small correction to go long.
We can see the market resuming the bullish trend and eventually breaking the $2010 higher high.
Watch this space for future updates, as we will be posting lower TF potential setups.
Trade with care.
We have an important day ahead with FOMC just around the corner. With that being said I expect the market to be a bit messy before/during the event, so I advise everyone to stay away from any trading today unless you have something clear on your chart and you use proper risk.
Coming back to GOLD, the recent rally is now taking a small breath and it is pulling back a bit. The trend remains unchanged for now.
We are expecting this correction to end soon and we can see the price continuing towards the upside. One level to watch is the confluence between the 4H OB (blue - highlighted on the chart ) and the important zone on the FIB level located between 70.5%-78%. That's the area where we will be looking for a bullish reaction and could also give us a MACD crossover.
If anything occurs before that, we will be looking at the 1H trendline to see if we get a clean breakout and a small correction to go long.
We can see the market resuming the bullish trend and eventually breaking the $2010 higher high.
Watch this space for future updates, as we will be posting lower TF potential setups.
Trade with care.
Note
1H breakdown: 1. Expecting a clean TL breakout followed by a pullback.
2. Price can go lower first, making a new local low before going back up.
Note
15 min update: Nice consolidation forming here. Chances that the price goes down first before the upside increase. We will still be watching the blue OB located below for a reaction. Note
As you may already be aware, FED decided to raise interest rates by 25 bp, from 4.75% to 5%. So far, so good, the price broke out of the trendline, made a pullback and it looks like it's consolidating to break the $2010 level. Unfortunately, because of the news event, even though we were biased for the upside, we preferred to stay away in case the market spiked both ways. Below you can see the recent chart update. I will keep you posted if anything changes. Trade with care.
Trade active
Order got triggered overnight. Trade safe.Entry: 1975.69
SL: 1961
TP1: 2020
TP2: 2040
R:R (1): 1:3
R:R (2): 1:4.5
Risk: 0.5%
Note
It seems we are slowly crawling up and will move the SL a bit higher to the $1965 level. Now our risk has gone down from 0.5% to 0.3% of the account balance. Cheers!Note
Ok guys, it is safe now to put your SL to BE if you took the trade with us. More upside to come in our opinion. If not, we got a risk-free trade on our hands. Cheers!Trade closed: stop reached
Break-even trade. Happy weekend everyone!
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