Gold (XAUUSD)Short
GOLD (XAUUSD): Ahead of CPI, FOMC & FED Rate Decision,Your Plan
Traders, please keep in mind that we have important economic events such as the US CPI & FOMC, as well as the FED Interest Rate decision later today. Here is my analysis for GOLD before the news.
The pair recently broke through a key daily support level, leading to a new lower low and a correctional move. On the 4H chart, a bearish flag pattern is evident. A break below the flag's support would indicate a strong bearish trend and trigger a sell-off.
It's important to note that the previously broken support level now acts as a strong resistance level.
On the other hand, a bullish breakout above the highlighted supply zone with a 4H candle closing above it would signal a strong bullish move.
The pair recently broke through a key daily support level, leading to a new lower low and a correctional move. On the 4H chart, a bearish flag pattern is evident. A break below the flag's support would indicate a strong bearish trend and trigger a sell-off.
It's important to note that the previously broken support level now acts as a strong resistance level.
On the other hand, a bullish breakout above the highlighted supply zone with a 4H candle closing above it would signal a strong bullish move.
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