XAUUSD Fed spike is a great sell opportunity.
Gold is rising today after the Fed Rate Decision (unchanged, Powell implying we are near or at the end of the hike Cycle) but also technically as it found support on the 1day MA50.
This price action isn't diverging from the recent past.
After the sharp decline of September, Gold peaked on October 27th, pulled back to the 0.382 Fibonacci and then made a new All Time High.
The exact same pattern was printed at the start of 2023. The All Time High then pulled back to the 0.618 Fibonacci level of the February bottom.
According to this, today's spike is a solid opportunity to sell at a high level and target 1939 (0.618 Fib).
Previous chart:
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This price action isn't diverging from the recent past.
After the sharp decline of September, Gold peaked on October 27th, pulled back to the 0.382 Fibonacci and then made a new All Time High.
The exact same pattern was printed at the start of 2023. The All Time High then pulled back to the 0.618 Fibonacci level of the February bottom.
According to this, today's spike is a solid opportunity to sell at a high level and target 1939 (0.618 Fib).
Previous chart:
Follow us, like the idea and leave a comment below!!
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