Gold - All eyes on Wednesday 08 May - FED🟡 Gold Traders: Nothing Matters Until Wednesday! ⏳💤
Hey traders! 👋
This week, all eyes are on Wednesday... and everything before that? Mostly noise.
Let me break it down for you. 👇
📊 Technical Outlook
Gold is chilling above a key resistance level right now.
Trendlines suggest we won’t see any major moves before Wednesday unless big news drops. 📰
🕐 Asian session is kicking things off above resistance.
If bulls show up there, we could break Trendline 1 (Image below) and head towards the $3300 🎯 target.
📉 RSI across multiple timeframes? Pretty neutral.
If Asia trades flat or slightly bearish, gold might range between $3210–$3250.
Break below $3201, and things could get shaky... but the European session might push us back above that support.
U.S. session on Monday? Likely a sideways snoozefest 😴 (unless surprise news hits).
🎯 Trade Setup (Mon–Wed)
I’m looking to play the range between:
$3261 (Trendline 2) 🔼 and $3169 (Trendline 4) 🔽
That’s a comfy $90 window I’m aiming to trade before Wednesday's fireworks. 🚀
🔮 After Wednesday – The FED Factor 💣
Here’s the real catalyst:
Wednesday, May 7 at 2:00 PM EST – FOMC Rate Decision
If the FED cuts rates (not likely, but possible under pressure), gold could tank hard. 💥
I’m talking a potential drop to $3150 or lower 🕳️📉
That’d be a -$90+ move easy.
FED has been holding the line 💪, resisting pressure (especially from Trump back in the day), but if the economy flashes red, that rate cut might come sooner than expected.
🧠 Final Thoughts
FED paused hikes, but left the door open for 3 rate cuts this year.
Until we get more clarity, no strong bullish signals on gold.
My bias stays: Bearish unless proven otherwise. 🐻💬
Stay sharp out there, and watch those sessions. Wednesday’s the real deal! 💼📉
And last but not least, look at this and let us know what you think about please:
Some would say its impossible but as we know, gold can do everything!
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This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.
Good luck and safe trading! 🚀📊
