GOLD 22/04: Gold ahead of the Fed's forecast tonight
Updated
GOLD Gold price is consistently defending the horizontal support of a Descending Triangle chart pattern formed on a two-hour scale, set from the May 30 low at 1,930$. The downward sloping trendline of the aforementioned chart pattern is drawn from the June 2 high of 1970$.The 200-period exponential moving average (EMA) at 1,950$ is acting as a barrier for Gold bulls. Horizontal resistance is drawn from the May 5 low around 2,000$.
The Relative Strength Index (RSI) (14) is hovering in a falling range of 20.00-40.00, which suggests that bearish momentum has been triggered.
I have faith in gold's slight bounce back to 1940$-1943$. We will have a sell
GOLD signal at this point. My expectation will be back to 1930$Stop loss at 70pip per trade signal, together we will win the market
Trade active
everything goes according to my strategy
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