Hey, traders.
There were big movemet since last week. Hope you guys having good trading from that.
Let's check the chart and see if we could have chances.
We can see
1. short-term descending channel.
2. top line of the descending channel is on 1670.00
3. middle line of the descending channel is on 1590.00
We should check
Wed - US New Home Sales (Sep), BoC Interest Rate Decision
Thurs - BoJ Outlook Report (YoY), ECB Monetary Policy Statement, US GDP (QoQ) (Q3), US Initial Jobless Claims, ECB Press Conference
Fri - BoJ Monetary Policy Statement, German GDP (QoQ) (Q3), German CPI (YoY) (Oct), US Core PCE Price Index (MoM) (Sep), Pending Home Sales (MoM) (Sep)
We can expect
1. the price dropping from the top line of the descending channel to middle line of the descending channel.
2. rebounding from the middle line of the descending channel.
3. jumping up to 1725.0 by breaking the descending channel.
FOMC meeting will be held next week and Fed will give us some cluse about their monetary policy.
If Fed shows that they will regulate their stricted monetary policy as market expect, this will be a big chace for having long position.
In this case, Gold price will break the descending channel and jump up to 1725.00.
But, on the other hand, their will be big dropping toward middle line of the descending channel.
Let's get ready for that.
Thank you for reading and hope this insight was helpful.
Analyed by Han.
There were big movemet since last week. Hope you guys having good trading from that.
Let's check the chart and see if we could have chances.
We can see
1. short-term descending channel.
2. top line of the descending channel is on 1670.00
3. middle line of the descending channel is on 1590.00
We should check
Wed - US New Home Sales (Sep), BoC Interest Rate Decision
Thurs - BoJ Outlook Report (YoY), ECB Monetary Policy Statement, US GDP (QoQ) (Q3), US Initial Jobless Claims, ECB Press Conference
Fri - BoJ Monetary Policy Statement, German GDP (QoQ) (Q3), German CPI (YoY) (Oct), US Core PCE Price Index (MoM) (Sep), Pending Home Sales (MoM) (Sep)
We can expect
1. the price dropping from the top line of the descending channel to middle line of the descending channel.
2. rebounding from the middle line of the descending channel.
3. jumping up to 1725.0 by breaking the descending channel.
FOMC meeting will be held next week and Fed will give us some cluse about their monetary policy.
If Fed shows that they will regulate their stricted monetary policy as market expect, this will be a big chace for having long position.
In this case, Gold price will break the descending channel and jump up to 1725.00.
But, on the other hand, their will be big dropping toward middle line of the descending channel.
Let's get ready for that.
Thank you for reading and hope this insight was helpful.
Analyed by Han.
