AS I WAS SAYING LONG ON GOLD....
Updated
We saw as i said on my previous article 'LAST CHANCE TO BUY XAU/USD' ON 3/03/2017 ( 
) a dip on gold until 1,200 $ psycological level and a little bit down to a strong resistance at 1,996 $ because of the hawkish announcement of the F.E.D.
After yesterday's more dovish speech and on forecast raise by 0,25% of rates market felt more comfortable.
USD fell At the end of its two-day policy meeting on Wednesday, the Fed increased interest rates by 25 basis points,
The greenback weakened broadly following the decision, as the central bank’s stance was seen as less hawkish than expected by sticking to projections of three total rate hikes in 2017 and not four as some traders had hoped for.
TECHNICALLY
We are seeing the current upwards short-term trendline and the mid-term upwards trendline creating a triangle(wedge) that must 'break' soon.
We can also see 4 wave Elliott's formation and we are waiting for the 5th wave.
Strong support and 61.8 FIB level at 1,222 area.
TARGETS
Long at 1250-1266 area at 50% FIB level and mid-term trend line.
Stop loss at 1994-1180 area.
HAPPY TRADING GUYS
After yesterday's more dovish speech and on forecast raise by 0,25% of rates market felt more comfortable.
USD fell At the end of its two-day policy meeting on Wednesday, the Fed increased interest rates by 25 basis points,
The greenback weakened broadly following the decision, as the central bank’s stance was seen as less hawkish than expected by sticking to projections of three total rate hikes in 2017 and not four as some traders had hoped for.
TECHNICALLY
We are seeing the current upwards short-term trendline and the mid-term upwards trendline creating a triangle(wedge) that must 'break' soon.
We can also see 4 wave Elliott's formation and we are waiting for the 5th wave.
Strong support and 61.8 FIB level at 1,222 area.
TARGETS
Long at 1250-1266 area at 50% FIB level and mid-term trend line.
Stop loss at 1994-1180 area.
HAPPY TRADING GUYS
Trade closed: target reached
Trade closed: target reached
long ago but nice predicted...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.