Gold: Bearish Bat Vs Rate Cut Expectation
Updated
Now the gold price at 1338 level, bearish zone for typical harmonic traders with good rr ratio.
While on the other hand,if us cpi data keeps weak tonight, in turn enhance the expectation of fed rate cut, may cause weak dollar then in favor of the gold momentum.
For bullish side, eyes on data tonight and the previous high at 1348 last week. 1356 as ultimate goal
For bearish side, short now or at around 1342, with sl at 1348, tp 1320
While on the other hand,if us cpi data keeps weak tonight, in turn enhance the expectation of fed rate cut, may cause weak dollar then in favor of the gold momentum.
For bullish side, eyes on data tonight and the previous high at 1348 last week. 1356 as ultimate goal
For bearish side, short now or at around 1342, with sl at 1348, tp 1320
Note
My entry and exit arrows since last Friday.
1337-1338 act as strong resistance
Note
upside bias, eyes on fomc minutes this week
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