I found NFP news spike on last Firday. The long waited bounce printed nice reversal doji candle on weekly 20ma. We bounced to 1330 in quick session, but unable to cross daily 20ma. All conditions are good to long? Are we?
No - it's a big no
We are entering to new bear trend in gold till FOMC this month. Risking long before FOMC is a risk. We all aware that there won't be any rate hike this month. The probability of rate hike is only 24% in Sept, 27% in Nov, 44% in Dec this year. Precious metal is now under fear again. Fear drive the market. I see gold below 1100 by end of this year. Good Luck with your trading :)
No - it's a big no
We are entering to new bear trend in gold till FOMC this month. Risking long before FOMC is a risk. We all aware that there won't be any rate hike this month. The probability of rate hike is only 24% in Sept, 27% in Nov, 44% in Dec this year. Precious metal is now under fear again. Fear drive the market. I see gold below 1100 by end of this year. Good Luck with your trading :)