Gold has corrected sharply in recent days. Observing the Fibonacci ratios, it becomes evident that there is a highly favorable opportunity for a long entry. Currently, we are just below the 50% retracement of the last impulsive upward movement since mid-March 2024. Therefore, we can tightly limit our downside risk. Looking at the MACD, we observe clear hidden bullish divergences: the price is trading significantly high, but the MACD is exceptionally low - on the daily chart! Ultimately, the trading opportunity presents an excellent risk-reward ratio of around 9:1, and considering the upcoming FOMC meeting, it is more than worth a try!
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Realized RRR of 2,5:1