Of course I don't know where the price will head next, I don't think we can predict this. I am just saying that we should prepare for a breakout soon. For the moment I still have the sell order in place since it was 2613. I am still on a good profit ...

Gold

Eventually it will break out. The BB are getting closer and closer which usually means that a breakout is in play soon, at least on the H1 chart. image

Gold

I don't see yet any clear signs that Gold will follow a direction. Right now is ranging between 2557 and 2576 on H1 graph. On the daily graph all I see is that price is rejected at SMA 100 level. The only thing that makes me think a breakout from ...

Gold

He doesn't reveal much right now. I think they are still debating whether they should proceed with another cut in December or not. Nothing is clear so far. I don't expect big moves on gold today. Maybe tomorrow after retail sales. It would give a ...

Gold

Right now as Powell (still) speaks I can see a drop in price with RSI getting into the 40 level direcion which could signal that the price will turn down again. image

Gold

If Powell doesn't confirm later this evening that interest cut rates will go on as planned in December, close the trade. It's likely the price will go up. Otherwise, keep it opened as probably it will rally down very quickly.

Gold

There is still Powell to speak tonight. I think that the rally will start but after he speaks and depending on what he has to say. If Fed today will argue that the next cut rate will take place in December as scheduled, then probably gold will rally ...

Gold

2587 is quite far away right now especially after unemployment claims came back so positive. I expect this correction to be exhausted around 2560. After that I am looking to see if it breaks below 2542. If that happens, then next stop could be at ...

Gold

PPI came in line with forecast but the unemployment claims came very positive, even better than previous and forecast. I expect that after this pullback to go down even lower.

Gold

On the H1 graph I can see the pull back. I draw another Fib to help, right now 2560 is the new resistance. However, considering that PPI is coming soon, I would sugest to wait. If PPI comes positive it will be another drop. If PPI comes negative ...

Gold

I added the SMAs on the daily graph just to see how it looks. Seems that now price is at the 100 day SMA (close to the 50% Fib level). If it breaches then it's likely to drop to the 200 day SMA consistent with the 78.6 Fib level to aprox 2387. A ...

Gold

On the daily chart it seems that the 2574 Fib level got broken together with the lower Bolinger band. I am looking now for the price to drop to 2519. image

Gold

I am still short on Gold, I set the SL at 2590 (from 2642 so I would get a profit even if price hits it), and updated the TP at 2519 (that would be the last level that I expect price to hit in case the H&S plays out all the way (that is if tomorrow ...

Gold

I did well to stay short at 2613. Seems now it's breaking below level I had marked on my graph. I am looking now at 2571 and 2519 where support given by Fib level shows up on the daily chart. image

Gold

Still would have been a good buy. If it doesn't break below 2593 then probably overnight a correction might be in play. Also probably tomorrow it will be a more important day with Powell speech to get a confirmation regarding whether December ...

Gold

There might be if you are patient. Might go down once it breaks below 2600 and further at 2593. RSI just turned downwards and downtrend seems to gain momentum. image

Gold

I am since 2613. And I will be waiting until at least tomorrow afternoon (trading on GMT+2). Depending on how CPI comes out I will get out or stay, although I think that CPI would bring positive news which would further lead to decline in Gold.

Gold

I am still short on Gold from 2613.34. TP is set and 2574.69. If it breaks below I am eyeing 2519 level.

Gold