GOLD (XAUUSD): Ahead of FOMC 🥇

5 de jul. de 2023

https://www.tradingview.com/x/ZTceIZI2/

Traders, don't forget that we are expecting FOMC during the middle of the NY session.
Here is my technical outlook for Gold and potential scenarios.

Bullish Outlook
Trading in a bearish trend, the market is currently testing a wide horizontal supply zone.
1925 - 1940 are its exact boundaries.
I will be bullish on Gold if the price breaks and closes above that entire area on a daily.
A bullish continuation will be expected to 1957 then

Bearish Outlook
Analyzing 4H time frame, I spotted inside bar formation
1919.5 - 1920.0 is its lower boundary.
If the price breaks and closes below that on 4H, I will expect a bearish continuation
to 1911.

Wait for a breakout and follow the market then.

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