GOLD 22/06: The bears are out of breath after the Fed's hawkish

GOLD Gold licks its wounds at three-month lows, staying out around 1930$ after bouncing off the 1918$ support. GOLD justifies market inaction amid mixed statements from the US Federal Reserve and unimpressive updates around US-China relations and the package China's stimulus

The 4-hour chart shows that, while selling pressure eases, the risk remains tilted to the downside. GOLD is developing below all of its moving averages, with the 20 SMA gaining bearish traction below the longer moving averages. Technical indicators are slightly higher but still in negative territory.

The bears have stopped at 1919$, when I wrote some current prices at 1932$. I expect that the candlestick chart at 4h will return to the threshold of 1953$-1956$. So think of a sell GOLD signal in this zone. And of course I also forecast that according to the daily chart, gold will return to the 1978$ zone

Stop loss around 70 pips each time you trade, good luck to us together and win the market

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Will the price of gold bounce up?

Comentarios:

everything goes according to my strategy