Hi fellow traders.
Gold is currently looking to drop further, with details of all of Europe's PMI's coming out, and later at 12:00pm, the BOE Monetary Committee's decision on the UK's interest rate.
It is very possible for Gold & GBP to drop, considering the fact there has not been a rate change since June 2018 & considering the UK's new prime minister is considering no deal as the only way out of the EU right now, the UK may need to lower IR in order to incentivise spending and so forth as the UK economy looks to cripple once leaving the EU if it does in October 2019 for the short term for the least. Furthermore, considering the UK's economic growth is not looking great from previous results, we could look to see a cut in rates to try and spark economic growth. Moreover, the choice by the FOMC to cut the IR for the first time since 2008, it could suggest the possible future outlook for a recession. The UK could look to follow suit when it comes to this IR decision. Whether or not a rate change takes place, there should not be a rise in IR and confidence in the UK economy should only look to fall, alluding gold could fall.
On a technical basis for this pair, the critical support level around $1405 seems extremely strong and does not want to budge, but if it does as it seems likely, we could first fall to $1400 and then other green areas highlighted on the chart, after some minor corrections.
In hope of bearish fundamental news, we should look for a bearish daily candle closure.
My targets for this trade are follows:
TP1: 1397.47
TP2: 1383.83 (LONGER TERM)
TP3: 1341.07 (UNLIKELY)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Gold is currently looking to drop further, with details of all of Europe's PMI's coming out, and later at 12:00pm, the BOE Monetary Committee's decision on the UK's interest rate.
It is very possible for Gold & GBP to drop, considering the fact there has not been a rate change since June 2018 & considering the UK's new prime minister is considering no deal as the only way out of the EU right now, the UK may need to lower IR in order to incentivise spending and so forth as the UK economy looks to cripple once leaving the EU if it does in October 2019 for the short term for the least. Furthermore, considering the UK's economic growth is not looking great from previous results, we could look to see a cut in rates to try and spark economic growth. Moreover, the choice by the FOMC to cut the IR for the first time since 2008, it could suggest the possible future outlook for a recession. The UK could look to follow suit when it comes to this IR decision. Whether or not a rate change takes place, there should not be a rise in IR and confidence in the UK economy should only look to fall, alluding gold could fall.
On a technical basis for this pair, the critical support level around $1405 seems extremely strong and does not want to budge, but if it does as it seems likely, we could first fall to $1400 and then other green areas highlighted on the chart, after some minor corrections.
In hope of bearish fundamental news, we should look for a bearish daily candle closure.
My targets for this trade are follows:
TP1: 1397.47
TP2: 1383.83 (LONGER TERM)
TP3: 1341.07 (UNLIKELY)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Note
BoE kept it the same. This trade still does have the potential to go down. $1405 holding strong!Trade closed: stop reached
Trade closed manually.Stop loss that I used was hit.
Invalid setup now
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.