The XAU/USD is now at an interesting point.
Technically, MACD and RSI on the daily are telling me that it is due for a push higher of some sort. The price closed under FIB 0.618 (this could mean a push lower again?). Still, both last time this was the case (and gold didn't really have any support in the near term) it found a way to push higher.
Fundamentally, the FOMC is speaking this week and I read that a rate hike decision is now 100% sure. This will cause gold to push down hard. I already saw those kind of decision make a pair go the opposite direction that everyone are thinking of. Why? Because the decision is already priced in the PA of the previous days/weeks.
Too much uncertainty around this XAU/USD pair but some very good opportunity coming up. This week could tell us all we need to know for the near term futur.
Trade safe!
Technically, MACD and RSI on the daily are telling me that it is due for a push higher of some sort. The price closed under FIB 0.618 (this could mean a push lower again?). Still, both last time this was the case (and gold didn't really have any support in the near term) it found a way to push higher.
Fundamentally, the FOMC is speaking this week and I read that a rate hike decision is now 100% sure. This will cause gold to push down hard. I already saw those kind of decision make a pair go the opposite direction that everyone are thinking of. Why? Because the decision is already priced in the PA of the previous days/weeks.
Too much uncertainty around this XAU/USD pair but some very good opportunity coming up. This week could tell us all we need to know for the near term futur.
Trade safe!