Can Gold Recover From The Price Losses?
Donald Trump's election victory is shaking up the international markets. Gold was also affected, losing drastically in value and slipping well below the USD 2,700 mark.
Now the next big event is approaching with the Fed's decision tomorrow. We are bullish on gold, at least in the short term. The price reacted at a Fibonacci retracement and was able to halt the sell-off, at least for the time being. We assume that the gold price will now recover. Our price target is the lower edge of the very small value area of the entire downward movement to date.
Now the next big event is approaching with the Fed's decision tomorrow. We are bullish on gold, at least in the short term. The price reacted at a Fibonacci retracement and was able to halt the sell-off, at least for the time being. We assume that the gold price will now recover. Our price target is the lower edge of the very small value area of the entire downward movement to date.
Trade active
Nice breakout so far. The price shouldn't move below the support zone at around $ 2663. Therefore, we move our SL to this level. Keep the FOMC meeting at 2pm in mind. A lot of volatility is expected. Trade closed manually
We close this with a small profit as the price is going lower.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.