🟡 Gold Traders: Nothing Matters Until Wednesday! ⏳💤
Hey traders! 👋
This week, all eyes are on Wednesday... and everything before that? Mostly noise.
Let me break it down for you. 👇
📊 Technical Outlook
Gold is chilling above a key resistance level right now.
Trendlines suggest we won’t see any major moves before Wednesday unless big news drops. 📰
🕐 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 🎯 target.
📉 RSI across multiple timeframes? Pretty neutral.
If Asia trades flat or slightly bearish, gold might range between $3210–$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 😴 (unless surprise news hits).
🎯 Trade Setup (Mon–Wed)
I’m looking to play the range between:
$3261 (Trendline 2) 🔼 and $3169 (Trendline 4) 🔽
That’s a comfy $90 window I’m aiming to trade before Wednesday's fireworks. 🚀
🔮 After Wednesday – The FED Factor 💣
Here’s the real catalyst:
Wednesday, May 7 at 2:00 PM EST – FOMC Rate Decision
If the FED cuts rates (not likely, but possible under pressure), gold could tank hard. 💥
I’m talking a potential drop to $3150 or lower 🕳️📉
That’d be a -$90+ move easy.
FED has been holding the line 💪, resisting pressure (especially from Trump back in the day), but if the economy flashes red, that rate cut might come sooner than expected.
🧠 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. 🐻💬
Stay sharp out there, and watch those sessions. Wednesday’s the real deal! 💼📉
And last but not least, look at this and let us know what you think about please:
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! 📢 Trading gold and other financial instruments carries risks – 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! 🚀📊
Hey traders! 👋
This week, all eyes are on Wednesday... and everything before that? Mostly noise.
Let me break it down for you. 👇
📊 Technical Outlook
Gold is chilling above a key resistance level right now.
Trendlines suggest we won’t see any major moves before Wednesday unless big news drops. 📰
🕐 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 🎯 target.
📉 RSI across multiple timeframes? Pretty neutral.
If Asia trades flat or slightly bearish, gold might range between $3210–$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 😴 (unless surprise news hits).
🎯 Trade Setup (Mon–Wed)
I’m looking to play the range between:
$3261 (Trendline 2) 🔼 and $3169 (Trendline 4) 🔽
That’s a comfy $90 window I’m aiming to trade before Wednesday's fireworks. 🚀
🔮 After Wednesday – The FED Factor 💣
Here’s the real catalyst:
Wednesday, May 7 at 2:00 PM EST – FOMC Rate Decision
If the FED cuts rates (not likely, but possible under pressure), gold could tank hard. 💥
I’m talking a potential drop to $3150 or lower 🕳️📉
That’d be a -$90+ move easy.
FED has been holding the line 💪, resisting pressure (especially from Trump back in the day), but if the economy flashes red, that rate cut might come sooner than expected.
🧠 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. 🐻💬
Stay sharp out there, and watch those sessions. Wednesday’s the real deal! 💼📉
And last but not least, look at this and let us know what you think about please:
Some would say its impossible but as we know, gold can do everything!
-------------------------------------------------------------------------
This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – 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! 🚀📊
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.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.Trade closed: target reached
Gold moved unstoppable to almost $3400, profits taken.Note
After a wild surge, gold has potentially formed an anti-Gartley XABCD pattern. With the FED announcement in an hour, have you placed your bets?
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.
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.