Gold price action before FOMC January 2022
price has made series of higher high and higher low inside a bullish channel
upside resistance for bulls are 1877 (the previous high) and upper white trend line of the channel
support 1830 and 1785
lower tren line of the channel
(price has made an another yellow chart pattern inside triangle which will be complete by the time of fomc)
since march rate hike is priced in and price action is telling higher rate are bullish for gold (opposite to what text book economics says )
upside resistance for bulls are 1877 (the previous high) and upper white trend line of the channel
support 1830 and 1785
lower tren line of the channel
(price has made an another yellow chart pattern inside triangle which will be complete by the time of fomc)
since march rate hike is priced in and price action is telling higher rate are bullish for gold (opposite to what text book economics says )
Comment:
Trade closed manually:
