Mihai_Iacob

Gold- Will FOMC be the trigger?

Short
OANDA:XAUUSD   Or / Dollar Américain
It's been a very frustrating two weeks for swing traders like me, who are targeting 3-500 pips per Gold trade, with the price fluctuating in a very narrow range, slightly under 1800 and slightly under 1770. However, as I said yesterday, my bias is strongly bearish for Gold, and will remain so as long as we are under 1800-1810 zone.
Looking at the posted 1h chart, we can see that the pressure is on the downside and is like Gold is waiting for a trigger to drop.
Tonight's FOMC could be this trigger and, considering 2 weeks of range trading, when/if we will have a down break, the price should fall hard.
My target remains, again, 1720, but, to be honest, if 1760 support falls I wouldn't be surprised if we will have an 800 pips drop to the next important support at 1680 by year's end.

🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai
Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.