It's important to check what happened at the previous FED minutes. More often than not these days were kind of reversal days. So get ready we might get our gold bottom today. I highlighte by blue boxes where we had reversal in the past at FED minutes.
At these FED minutes reversals price many times tested back the lows that occured a few days before.
So just prepare for a test of 1240 or maybe a test of the 240 SMA at 1230 $.
As we are late in the daily cycle there will be no follow through after a spike down. I will be adding at the lower low level if there will be any.
As I'M watching the dollar the minutes release might be bearish for the dollar. We are just 3 weeks before elections. The strong dollar as bad as for today's power as the falling dollar or the falling SM.
The FED needs to take care of the balance so don't get surprised if it's obvious from the minutes release that no rate hike till December and gold just rockets higher without any spike down.
At these FED minutes reversals price many times tested back the lows that occured a few days before.
So just prepare for a test of 1240 or maybe a test of the 240 SMA at 1230 $.
As we are late in the daily cycle there will be no follow through after a spike down. I will be adding at the lower low level if there will be any.
As I'M watching the dollar the minutes release might be bearish for the dollar. We are just 3 weeks before elections. The strong dollar as bad as for today's power as the falling dollar or the falling SM.
The FED needs to take care of the balance so don't get surprised if it's obvious from the minutes release that no rate hike till December and gold just rockets higher without any spike down.
