XAUUSD : IT IS WHAT IT IS
The price reversed at 1,630 yesterday on the closing candle, without hitting my 1,620 TP.
That is a strong bullish reversal on the 4H time-frame, which turned bullish again (RSI # 55.377, MACD # -0.490, ADX # 40.179) as the price broke above the 4H MA50 (1,648.70).
Once again, the 4H MA200 (1,662.77) is the Resistance level to beat, which failed on Oct 26 - 27. A closing above it would be a buy call, targeting 1,675 on the short-term.
I still have my sell open (TP # 1,620) but if the price drops back to the 4H MA50 again and see an attempt to rebound, I will close it immediately (4H MA50 is break-even) as I don't want to hold any positions coming into tomorrow's Fed Rate Decision.
However if the price closes above the 1D MA50 (1,680 currently), I will buy again, targeting the 1D MA100 (now at 1,725.87 and dropping) but will move the SL on break-even just before the Fed tomorrow.
As I've been mentioning for months, the main reason behind Gold's rise today is the very aggressive drop on the US10Y (bonds direct competing asset to Gold, both safe havends).
That is a strong bullish reversal on the 4H time-frame, which turned bullish again (RSI # 55.377, MACD # -0.490, ADX # 40.179) as the price broke above the 4H MA50 (1,648.70).
Once again, the 4H MA200 (1,662.77) is the Resistance level to beat, which failed on Oct 26 - 27. A closing above it would be a buy call, targeting 1,675 on the short-term.
I still have my sell open (TP # 1,620) but if the price drops back to the 4H MA50 again and see an attempt to rebound, I will close it immediately (4H MA50 is break-even) as I don't want to hold any positions coming into tomorrow's Fed Rate Decision.
However if the price closes above the 1D MA50 (1,680 currently), I will buy again, targeting the 1D MA100 (now at 1,725.87 and dropping) but will move the SL on break-even just before the Fed tomorrow.
As I've been mentioning for months, the main reason behind Gold's rise today is the very aggressive drop on the US10Y (bonds direct competing asset to Gold, both safe havends).
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