Gold: Price travelled form 1947 to 1847 the 1000 Pips in a period 8 Days. Bearish engulfing candles on Daily , weekly , 4 H chart. Price didn't respected the 1850 level which was our defined target achieved successfully.
This all happened after FOMC despite No interest rate increased in September. This is the power of FOMC and FED chairman words. The Words coming out of Powell mouth was interpreted as HAWKISH. And this started all the bearish Saga in GOLD. The resilient inflation , resilient US economy and prolong interest rate in sigh causing the Non yielding yellow metal meltdown.
WELL!
I was on the idea that price will go to 1850, but to be honest, in such short time, i didn't expect it.
Price has closed below 1850 on Friday on week and month close.
Next Week: For the upcoming week 1880 is the strong resistance and 1805 will be strong support. I am expecting bearish continuation. Target for next week will be 1828 and 1808 Level. Good Luck!
Do comment on the idea and how do u see it!
This all happened after FOMC despite No interest rate increased in September. This is the power of FOMC and FED chairman words. The Words coming out of Powell mouth was interpreted as HAWKISH. And this started all the bearish Saga in GOLD. The resilient inflation , resilient US economy and prolong interest rate in sigh causing the Non yielding yellow metal meltdown.
WELL!
I was on the idea that price will go to 1850, but to be honest, in such short time, i didn't expect it.
Price has closed below 1850 on Friday on week and month close.
Next Week: For the upcoming week 1880 is the strong resistance and 1805 will be strong support. I am expecting bearish continuation. Target for next week will be 1828 and 1808 Level. Good Luck!
Do comment on the idea and how do u see it!