Hey, traders.
FOMC had been held and we could see big movement on the chart.
Let's check it and find what's good trade.
We can see
1. Short-term descending channel.
2. the price is dropping from the top line of the descending channel.
3. support on 1635.00
4. support on 1590.00
5. middle line of the descending channel is on 1545.00
We should check
Thursday - ECB President Lagarde Speaks, British Composite PMI, British Services PMI, BoE Interest Rate Decision, BoE Gov Bailey Speaks, US Initial Jobless Claims, US ISM Non-Manufacturing PMI
Friday - British Construction PMI, ECB President Lagarde Speaks, US Nonfarm Payrolls, US Unemployment Rate
We can expect
1. the price keep falling to middle line of the descendign channel by breaking support on 1635.00
2. rebounding from the support on 1645.00
According to FOMC, Fed may slow down their restricted monetart policy from next meeting or next year.
But, they also showed they may increase target interest rates. This was big shock to market and caused dropping.
Gold will follow the descending channel and keep bearish market.
If the price breaks the support on 1635.00, it will drops to 1545.00. This will be a good chace for having short position.
Let's see if we can have that chance.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
FOMC had been held and we could see big movement on the chart.
Let's check it and find what's good trade.
We can see
1. Short-term descending channel.
2. the price is dropping from the top line of the descending channel.
3. support on 1635.00
4. support on 1590.00
5. middle line of the descending channel is on 1545.00
We should check
Thursday - ECB President Lagarde Speaks, British Composite PMI, British Services PMI, BoE Interest Rate Decision, BoE Gov Bailey Speaks, US Initial Jobless Claims, US ISM Non-Manufacturing PMI
Friday - British Construction PMI, ECB President Lagarde Speaks, US Nonfarm Payrolls, US Unemployment Rate
We can expect
1. the price keep falling to middle line of the descendign channel by breaking support on 1635.00
2. rebounding from the support on 1645.00
According to FOMC, Fed may slow down their restricted monetart policy from next meeting or next year.
But, they also showed they may increase target interest rates. This was big shock to market and caused dropping.
Gold will follow the descending channel and keep bearish market.
If the price breaks the support on 1635.00, it will drops to 1545.00. This will be a good chace for having short position.
Let's see if we can have that chance.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
