Gold - Long Position Setup
FOMC Statement and the press conference to follow will determine the medium-term direction of gold prices.
This is a long position setup which is based on a strong reaction form EMA50. Setup is as follows:
- FED is dovish on Wednesday.
- Pricing faces tough reaction from EMA50 level around 1290-1295.
- EMA10 can not cross EMA25.
- Stochastic indicator rebounds from oversold level 20.
Buy at (1290-1295) with target level 1375 (June.2016 high). This might be the fifth wave of the July-September rally starting from 1205.
Breaking of EMA50 would be a clear sign of reversal, not a retracement !!!
This is a long position setup which is based on a strong reaction form EMA50. Setup is as follows:
- FED is dovish on Wednesday.
- Pricing faces tough reaction from EMA50 level around 1290-1295.
- EMA10 can not cross EMA25.
- Stochastic indicator rebounds from oversold level 20.
Buy at (1290-1295) with target level 1375 (June.2016 high). This might be the fifth wave of the July-September rally starting from 1205.
Breaking of EMA50 would be a clear sign of reversal, not a retracement !!!
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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.
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.