While I was waiting for FED I made this chart. I highlighted all the FED and FED minutes days.
On the 27.04. we had a FOMC meeting. At those days we were also in a triangle.
The next day we broke out of the triangle and printed 2 days of strong rally to the daily cycle high. (Highligted by blue rectangle)
I think there is a decent chance the same thing is happening now. This week we should print the daily cycle high and we need a higher high above 1376.
If you watch the chart very carefully you will see that we closed above the bear market trendline today (green). So if the powers want gold to break out they will do it tonight in the next few hours.
Indicators:
MACD wants to crossover
RSI is heading to overbought - bouncing the 2nd time without getting overbought
If I'M right we will have a pop to 1390-1400 in the next 2-3 days that will be the cycle top of this 2nd daily cycle.
I will set this idea as long. I'm long from 1315-1324 and still convinced about the breakout to 1390.
P.S.: Thanks to mrtommifunn who helped me to find the 27.04. breakout
On the 27.04. we had a FOMC meeting. At those days we were also in a triangle.
The next day we broke out of the triangle and printed 2 days of strong rally to the daily cycle high. (Highligted by blue rectangle)
I think there is a decent chance the same thing is happening now. This week we should print the daily cycle high and we need a higher high above 1376.
If you watch the chart very carefully you will see that we closed above the bear market trendline today (green). So if the powers want gold to break out they will do it tonight in the next few hours.
Indicators:
MACD wants to crossover
RSI is heading to overbought - bouncing the 2nd time without getting overbought
If I'M right we will have a pop to 1390-1400 in the next 2-3 days that will be the cycle top of this 2nd daily cycle.
I will set this idea as long. I'm long from 1315-1324 and still convinced about the breakout to 1390.
P.S.: Thanks to mrtommifunn who helped me to find the 27.04. breakout
It's in America.
But I think he is running out of gold now.
No big slam today.