Monthly: Current bearish candle after rejected from triangle resistance.
Weekly: 3 Black Crows, strong weekly close.
Daily: Inverse Hanging Man Week Close + Bull Trend line Broken after testing monthly triangle resistance
H4: Trend line broken and retested. Ranging 1235.400 – 1226.500
Gold Overall Analysis
- We are in a consolidation zone, where downside is very likely as we have broken the bull trend line and retested before dropping lower. The next major zone to look at is the 1205-1200 price range.
- With Fed hikes predicted at 93% we can most likely predict that the past will reoccur. Where USD will strengthen prior to the hike and when the hike is announced, as it was priced in, the USD will tumble down.
- However, since the trend line was broken there is a possible to test the Monthly triangle support. We should wait and see how price action plays out.
- Path A is my predicted movement. 1200 has been a very strong demand zone if you look left.
- However, the consolidation range we are in will determine where we will go. 1200 is the more likely area, as I believe we will strengthen until the Fed Hikes as it will be priced in. Then USD will weaken, strengthening Gold after the announcement.