Gold Market Outlook (Pre-FOMC)
Currently, gold is trading within a range around 3350 TK. Before any significant move ahead of the FOMC meeting, we are likely to see a correction from this range. A potential buy opportunity may arise if there is a liquidity sweep of either the 3360 or 3350 levels.
At the moment, price action has shifted, and if gold breaks above 3398.5 and holds above that level prior to the FOMC, a retest during the FOMC meeting could present a strong buy setup.
As it stands, gold remains range-bound. In my view, the price is likely to at least sweep the 3360 liquidity level, if not 3350, before showing any significant bounce.
Worst Case Scenario: If gold breaks below 3350 with high volume, we could potentially see a move down towards 3300, but this is currently an unlikely scenario given the extremely bullish market sentiment.
Key Levels to Watch:
3360 Liquidity Sweep
3350 Liquidity Sweep
Break and Hold above 3398.5 = Bullish Confirmation
Currently, gold is trading within a range around 3350 TK. Before any significant move ahead of the FOMC meeting, we are likely to see a correction from this range. A potential buy opportunity may arise if there is a liquidity sweep of either the 3360 or 3350 levels.
At the moment, price action has shifted, and if gold breaks above 3398.5 and holds above that level prior to the FOMC, a retest during the FOMC meeting could present a strong buy setup.
As it stands, gold remains range-bound. In my view, the price is likely to at least sweep the 3360 liquidity level, if not 3350, before showing any significant bounce.
Worst Case Scenario: If gold breaks below 3350 with high volume, we could potentially see a move down towards 3300, but this is currently an unlikely scenario given the extremely bullish market sentiment.
Key Levels to Watch:
3360 Liquidity Sweep
3350 Liquidity Sweep
Break and Hold above 3398.5 = Bullish Confirmation
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.