Excellent confirmation of our short-term buy trade as, following the lower than expected U.S. CPI, Gold skyrocketed above the 4H MA50 (1,788.91) broke above the 1,808 (August 10th and Dec 5th Highs) Resistance and made a Higher High on the Rising Wedge pattern (started on November 15th) at 1,824.50. With 4H but mostly 1D technicals still bullish (RSI = 63.776, MACD = 25.400, ADX = 28.407), the price is now long-term bullish targeting the 1,860 - 1,880 zone (1,880 is the June 12th High).
However, ahead of today's critical Fed Rate Decision, we have to be extra careful with our positioning. I am looking to buy again (slightly) below the 4H MA50 at 1,785 and target 1,820 intra day only. A break below 1,777 is a bearish break-out call towards the 4H MA200 (1,739.22 and rising). Beyond that, I will wait for a clear 1D MA50 test in the following days to get my long-term buy, if not and we close above 1,825 first, then I will enter a buy on the spot, which is possible if the DXY continues to sink while also the US10Y goes for a Lower Low. Those indicate a strong bullish long-term trend for Gold.
Previous Gold chart:
However, ahead of today's critical Fed Rate Decision, we have to be extra careful with our positioning. I am looking to buy again (slightly) below the 4H MA50 at 1,785 and target 1,820 intra day only. A break below 1,777 is a bearish break-out call towards the 4H MA200 (1,739.22 and rising). Beyond that, I will wait for a clear 1D MA50 test in the following days to get my long-term buy, if not and we close above 1,825 first, then I will enter a buy on the spot, which is possible if the DXY continues to sink while also the US10Y goes for a Lower Low. Those indicate a strong bullish long-term trend for Gold.
Previous Gold chart:
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.