XAUUSD : GIVING US THAT OLD.. ONE, TWO STEP!

Hi traders!

Gold may give us the same kind of pattern we saw on that last bull run it had before falling down to the abyss. MM looks again this week to flush every current long out before going back to its bullish ways.

We have FOMC decision this week... and last time we had a Fed intervention in the market, we saw gold swing hard both ways (25$ swings) before going up. We will probably not see that hard of a swing but with FOMC right around the corner, we never know.

Gold has one nice support now @ 1298. It may or not go there. I'm taking a safe approach of putting a buy limit right at a previous bull candle daily wick.

MACD is still bearish and RSI is slowly going down too. Generally giving us a sign a downtrend still present for this pair.

Here is the scenario I'm suggesting :

XAUUSD BUY LIMIT :
ENTRY : 1304.22$
SL : 1295.26$
TP 1 : 1337.40$
TP 2 : TRAIL

Let's see how this week goes!

Trade safe!

Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.

註釋

I'm canceling the pending order before FOMC. Gut call.

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I'll be switching sides for this one.