USD fundamentals will drive GOLD down

On the higher timeframe, gold has been bearish for a while. With the perspective of the federal reserve keeping the rates among the highest between rich economies at 5.50%, the USD is seeing a very high interest towards it wich will make its value go higher. On the technical side, we can observe that price has made a pushback to $1950 and from this resistance has created lower lows and lower highs. My bias on GOLD is clearly bearish...

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Approaching TP1

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TP1 hit!

Trade stängt: målet nått:

TP1 has been reached and I have hedged my position since then. I am closing the overall transaction for a nice profit. GOLD is still bearish in my opinion however the next FOMC is close and I want to see how market will try to price in the forecasted data. The begining of next week might have unpredictable movements ahead of the meeting...

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After touching TP1. Gold is currently at key resistance and this level could be a nice entry for the expected bearish continuation.