The gold price was seen support at the range bottom and a rebound has caused the price to break above a falling trendline.
And in that process, the market has also completed 2 waves of retracement from range high to the range low.
However, the market is still mixed due to the FOMC meeting minutes tonight but holding a long position at range bottom could still prove rewarding and trading risk is lower as well.
If the FOMC is dovish and the gold jumps, it would be recommended to take the partial profit when it reaches the range high or even if it breaks new high.
The gold price could potentially pull back just before the market closes to avoid paying too much for a 3-days swap.
However, if the price falls and breaks below the range bottom due to a hawkish FOMC, simply wait for a retracement to sell again and the breakout level.
And in that process, the market has also completed 2 waves of retracement from range high to the range low.
However, the market is still mixed due to the FOMC meeting minutes tonight but holding a long position at range bottom could still prove rewarding and trading risk is lower as well.
If the FOMC is dovish and the gold jumps, it would be recommended to take the partial profit when it reaches the range high or even if it breaks new high.
The gold price could potentially pull back just before the market closes to avoid paying too much for a 3-days swap.
However, if the price falls and breaks below the range bottom due to a hawkish FOMC, simply wait for a retracement to sell again and the breakout level.
