Gold Playing Fib Awaiting News
Gold is playing to recent Fib levels on the 4HR.
Waiting for Fed cut news to see where it goes.
Personally feel the fed cut is priced in, a 25 point cut maybe pop and drop below current levels, but 1400 psychological support - and 50 would be a pop and hold at higher level IMO.
At the moment if RSI gets above 70 looking at short, but any long am happy to sit out as feel risk to the downside, even if there;s a short term pop.
For those wanting long, watch the fib point bounces, could trade that through week before news hits.
Overall though I am looking to short awaiting further indication to enter market through Fed Cut news (due to short term pop as above)
Waiting for Fed cut news to see where it goes.
Personally feel the fed cut is priced in, a 25 point cut maybe pop and drop below current levels, but 1400 psychological support - and 50 would be a pop and hold at higher level IMO.
At the moment if RSI gets above 70 looking at short, but any long am happy to sit out as feel risk to the downside, even if there;s a short term pop.
For those wanting long, watch the fib point bounces, could trade that through week before news hits.
Overall though I am looking to short awaiting further indication to enter market through Fed Cut news (due to short term pop as above)
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