Gold with potential weekly False Break - FOMC coverage
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Gold created a weekly False Break last week when it climbed above the trading channel's top and declined back below it as the Dollar gained strength. The false break along with the close below the Fast SMA line are two bearish signals (very premature signals) that may indicate that Gold is due for a pullback.
1350-1360$ is a potential minor Sell Zone to monitor towards FOMC - Weakness of Gold inside this Sell Zone can allow bearish entry for those who seek for bearish continuation trades towards 1300 and 1280
Stop loss should be pretty tight as if
XAUUSD will rally above the Fast MA line (and close above it) it will violate this potential bearish setup
Read my special Pre-FOMC analysis to find more info about this setup and more goo.gl/Uo3wim
1350-1360$ is a potential minor Sell Zone to monitor towards FOMC - Weakness of Gold inside this Sell Zone can allow bearish entry for those who seek for bearish continuation trades towards 1300 and 1280
Stop loss should be pretty tight as if
XAUUSD will rally above the Fast MA line (and close above it) it will violate this potential bearish setupRead my special Pre-FOMC analysis to find more info about this setup and more goo.gl/Uo3wim
Commento
Gold reached the sell zone - Now will it hold?Commento
Testing the top of the Sell Zone with Dollar's weakness
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