The Gold market didn't take the Fed news lightly as the announcement of two rate hikes by the end of 2023 wasn't exactly ideal for Gold, which is used as an inflation hedge.
Technically the -8% fall has so far stopped on the 0.618 Fibonacci retracement level (1768). Its attempt to rebound though today faced considerable Resistance on the 0.5 Fib (1797)and got rejected.
A similar sequence was last seen in mid April - early May when Gold was consolidating within the 0.5 - 0.618 Fibonacci range before breaking higher, making this a High Volatility Zone. Can this pattern replicated? What's important though is that a daily candle closing above the 0.5 Fib should be a bullish break-out signal towards the 0.236 Fib and the Lower Highs trend-line, while a close below the 0.618 Fib, a call for further weakness towards the 0.786 Fib where it may make contact with the 1W MA100 (red trend-line).
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Technically the -8% fall has so far stopped on the 0.618 Fibonacci retracement level (1768). Its attempt to rebound though today faced considerable Resistance on the 0.5 Fib (1797)and got rejected.
A similar sequence was last seen in mid April - early May when Gold was consolidating within the 0.5 - 0.618 Fibonacci range before breaking higher, making this a High Volatility Zone. Can this pattern replicated? What's important though is that a daily candle closing above the 0.5 Fib should be a bullish break-out signal towards the 0.236 Fib and the Lower Highs trend-line, while a close below the 0.618 Fib, a call for further weakness towards the 0.786 Fib where it may make contact with the 1W MA100 (red trend-line).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> mused_Aurorah
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💰Free Channel t.me/tradingshotglobal
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🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
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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.