I hope everyone banked some profits from my previous analyse (Gold Wyckoff) - Where we saw more than 1000 pips profit.
Gold has rallied massively to the downside following FOMC to 176x which is around the 618FIB retracement as well as a strong support zone (sitting on a previous support which could lead to a potential H&S pattern on weekly). We could see a small correction to the upside, which is what this is, before a continuation to the downside.
If 1755 is broken then I would possibly reverse my trade and target 1720/1700/1680. This is just my opinion and not financial advice. Trade with caution
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With 80 broken 85 was stopping point for 80 to be retested. I have moved SL to 78 and entered in at 80 again.
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So we have hit a 618FIB as well as tested the neckline of the H&S next target is 1800ish.
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Caution at 1790 as we have reached an area of strong resistance on 786 FIB retracement as well as top of wedge and bull flag. Powell is set to speak to today which could drop gold more.
We might see 1897 for a double top and then decline.
This price action would also create an inverse head and shoulders pattern.
Trade with caution.
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spotted possible accumulation on 30m chart.
If we get a low and a bounce back expect a good rally after a retest.