Looking at the 4h-timeframe chart of Gold, the following can be observed: the price is pulling back to re-test the 1658 - 1659 area of previously penetrated support which now serves as a zone of resistance. The same area nicely lines up with the 0.786 Fibonacci retracement level.
Once that specific key zone is reached, we are looking into closely monitoring the price action and eyeing possible short positions.
Nice idea, 1660 1670 is a good zone to look for shorts, my idea is a bit more optimistic but the feds will sabotage my idea tomorrow, the bastards ;-) We came close to the 4h demand zone and reversed, whats suggests to me that we can reach that area tomorrow after the fed's decision
Investroy
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@ErdincFX great charting! Will make sure to stop by during FOMC meetings and tell them not to go against this 🤝
AtlasTrades
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so far, so good :) thanks for XAUUSD chart, I hold some position
Investroy
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@AtlasTrades anytime, Atlas! Appreciate you checking in!
We came close to the 4h demand zone and reversed, whats suggests to me that we can reach that area tomorrow after the fed's decision