Gold Spot / U.S. Dollar
Short
Updated

Gold - All eyes on Wednesday 08 May - FED

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๐ŸŸก Gold Traders: Nothing Matters Until Wednesday! โณ๐Ÿ’ค

Hey traders! ๐Ÿ‘‹

This week, all eyes are on Wednesday... and everything before that? Mostly noise.
Let me break it down for you. ๐Ÿ‘‡

๐Ÿ“Š Technical Outlook
Gold is chilling above a key resistance level right now.
Trendlines suggest we wonโ€™t see any major moves before Wednesday unless big news drops. ๐Ÿ“ฐ

๐Ÿ• Asian session is kicking things off above resistance.
If bulls show up there, we could break Trendline 1 (Image below) and head towards the $3300 ๐ŸŽฏ target.

๐Ÿ“‰ RSI across multiple timeframes? Pretty neutral.
If Asia trades flat or slightly bearish, gold might range between $3210โ€“$3250.
Break below $3201, and things could get shaky... but the European session might push us back above that support.

U.S. session on Monday? Likely a sideways snoozefest ๐Ÿ˜ด (unless surprise news hits).

๐ŸŽฏ Trade Setup (Monโ€“Wed)
Iโ€™m looking to play the range between:
$3261 (Trendline 2) ๐Ÿ”ผ and $3169 (Trendline 4) ๐Ÿ”ฝ
Thatโ€™s a comfy $90 window Iโ€™m aiming to trade before Wednesday's fireworks. ๐Ÿš€

snapshot

๐Ÿ”ฎ After Wednesday โ€“ The FED Factor ๐Ÿ’ฃ
Hereโ€™s the real catalyst:
Wednesday, May 7 at 2:00 PM EST โ€“ FOMC Rate Decision

If the FED cuts rates (not likely, but possible under pressure), gold could tank hard. ๐Ÿ’ฅ
Iโ€™m talking a potential drop to $3150 or lower ๐Ÿ•ณ๏ธ๐Ÿ“‰
Thatโ€™d be a -$90+ move easy.

FED has been holding the line ๐Ÿ’ช, resisting pressure (especially from Trump back in the day), but if the economy flashes red, that rate cut might come sooner than expected.

๐Ÿง  Final Thoughts
FED paused hikes, but left the door open for 3 rate cuts this year.
Until we get more clarity, no strong bullish signals on gold.
My bias stays: Bearish unless proven otherwise. ๐Ÿป๐Ÿ’ฌ

Stay sharp out there, and watch those sessions. Wednesdayโ€™s the real deal! ๐Ÿ’ผ๐Ÿ“‰

And last but not least, look at this and let us know what you think about please:
snapshot
Some would say its impossible but as we know, gold can do everything!

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This is just my personal market idea and not financial advice! ๐Ÿ“ข Trading gold and other financial instruments carries risks โ€“ only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.

Good luck and safe trading! ๐Ÿš€๐Ÿ“Š



Trade active
During the Asian trading session, gold price pushed above resistance at $3269 but subsequently fell back down before European session began. The weakening dollar then allowed gold to rally again, reaching $3338. Gold has now established a trendline, and if momentum remains strong, further upward movement is expected. Dollar could prevent this but however, another downward move is anticipated during the next Asian session.

snapshot
Note
Right after this Trendline i found out there is a XABCD Reversed Pattern builded (1h). Gold needs to reach $3363 to prevent the drop down back to $3269.

snapshot
Trade closed: target reached
Gold moved unstoppable to almost $3400, profits taken.

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