Watching 1300-1295 area for a long entry before FOMC meeting.
Blue vertical lines are a day before FOMC interest rate raises.
Seem to be stuck under the .382 of the fib channel, which could signal more downside.
RSI in the middle but pointing down.
TSI under zero which signals to stay short.
I am short looking towards the 1300-1295 area to enter a long position before we go up after FOMC announcement (based off of past interest rate increases, and if the FED decides to raise).
However, the blue lines show correlation and not causation.
This means that even though gold rallied after the FED raised interest rates during their FOMC meetings, it does not mean that it will do it this time as well, or that the rallies were directly caused by the interest rate increases–even though the charts seem to be biased towards this effect.
Seem to be stuck under the .382 of the fib channel, which could signal more downside.
RSI in the middle but pointing down.
TSI under zero which signals to stay short.
I am short looking towards the 1300-1295 area to enter a long position before we go up after FOMC announcement (based off of past interest rate increases, and if the FED decides to raise).
However, the blue lines show correlation and not causation.
This means that even though gold rallied after the FED raised interest rates during their FOMC meetings, it does not mean that it will do it this time as well, or that the rallies were directly caused by the interest rate increases–even though the charts seem to be biased towards this effect.