Gold Analysis This is an update to the previous analysis I posted last week. (Link below the post)
So Far Macro Value Area high along with 0.618 has been acting as strong support and Gold is just ranging in a tight 30 usd range. It has tested that level several times now. The more time a level is tested the weaker it gets also RSI has been making lower lows for a while and has not broken the downward trendline yet. So, my bais has not changed and I am still expecting a move to the downside. FED meeting on Wednesday may provide the required catalyst for a decisive move.
On a cautious note:
If the final move is to the downside, then we must be aware of the stop hunt to the upside first which gold likes to do based on my experience. I have a setup for that in the chart, but it can go as high as the current top into the trendline above it (2068) before a big and fast move down.
Also, even though RSI has been lower lows, its slowly moving towards oversold territory, so if FED's announcement is not favorable for dollar, then We should see a decisive move to the upside.
Either way we should be ready for all possibilities especially near an event like FOMC.
I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned and if you like my content and would like to learn from my experience hit like and follow me for getting notified on my trade, market projections and several upcoming tutorials on technical analysis and several technical Indicators. you can also leave a comment and let me know if you want me to analyze any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
