Hi Traders,
Ending this week off on a big red after Thursdays crash, gold finding support around 1745.
With Friday showing more buying pressure than selling pressure we would expect price to retrace slightly to around 1773 - 1780 before FOMC.
This would give us a good area to short for the possibility of tapering starting on the 22nd of September.
The Dollar has been very strong over the last few weeks and with inflation on the decline, jobs opening up as well as jobless claims on the decline it seems promising that we could see gold make a new low breaking the 1676 mark.
This would give another very good opportunity to swing long from a good price before Covid Delta impacts the economy.
Resistance on the 200MA as well as a defined downward channel still gives us indication that we are short Gold, it's down until it's not down.
This could be a 1:26 R:R trade, please trade with caution.
This is not financial advice
TH from RT_Trading
Ending this week off on a big red after Thursdays crash, gold finding support around 1745.
With Friday showing more buying pressure than selling pressure we would expect price to retrace slightly to around 1773 - 1780 before FOMC.
This would give us a good area to short for the possibility of tapering starting on the 22nd of September.
The Dollar has been very strong over the last few weeks and with inflation on the decline, jobs opening up as well as jobless claims on the decline it seems promising that we could see gold make a new low breaking the 1676 mark.
This would give another very good opportunity to swing long from a good price before Covid Delta impacts the economy.
Resistance on the 200MA as well as a defined downward channel still gives us indication that we are short Gold, it's down until it's not down.
This could be a 1:26 R:R trade, please trade with caution.
This is not financial advice
TH from RT_Trading