The 0.75% Fed Rate Hike caused Gold to initially rise and break above the 4H MA200, but as I explained yesterday it was the candle closing that counts, and as you see the price immediately reversed and closed below the 4H MA200, just like it did when it tested it on October 26-28.
The pattern is the same, a Channel Down has emerged, 1D remains bearish technically (RSI # 38.140, MACD # -10.630, ADX # 20.281) and the bottom of the Channel sits at 1,610.
I will buy if it bounces near that level (TP # 1,660) or as mentioned already, closes above the 4H MA200 (which is now at 1,661.32) and TP # the 1D MA100 (1,721.49 and falling).
The 1D MA50 (1,675.50) is approaching and is where the October 04 rejection happened.
A break below 1,609 would be a sell opportunity, targeting 1,585.
The pattern is the same, a Channel Down has emerged, 1D remains bearish technically (RSI # 38.140, MACD # -10.630, ADX # 20.281) and the bottom of the Channel sits at 1,610.
I will buy if it bounces near that level (TP # 1,660) or as mentioned already, closes above the 4H MA200 (which is now at 1,661.32) and TP # the 1D MA100 (1,721.49 and falling).
The 1D MA50 (1,675.50) is approaching and is where the October 04 rejection happened.
A break below 1,609 would be a sell opportunity, targeting 1,585.