Gold increased strongly after news but still haven't broken Key
After the FOMC news at 1am today, we witnessed a strong increase in gold. This scenario was also contemplated in my previous plan. And because the price structure has changed after the strong news, I will make some new comments for the next gold plan:
- About the basic information: the FOMC meeting last night marked the first time in the history of the Fed that interest rates increased, but gold increased, BTC increased as well as stocks and energy increased strongly after the announcement. The market explained that the news of a 50-point interest rate hike appeared last month and the market has digested it. The prediction of an increase of 75 points was a new expectation before the meeting was rejected by the Fed, so the market had a spectacular reversal phase. Once again, the information is logically made to rationalize the confusing things of the market. And as we can see, the main trend of information is currently supporting the uptrend of gold: from high inflation in oil and raw materials prices or escalating war and now announcing interest rate hikes ahead of time. The barrier has also been broken
- Regarding technical analysis: the thing to note here is that the price line has not completely broken from the key level 1900-1910 to return to an uptrend structure, maybe it will break into the US session but "trade what you see not you" think" what actually did not support the plan to buy gold in this area. In my personal experience, I am still fully qualified to wait for a set up sell if there is a support structure, however, I should only short TP when the price finds the support below. If we want to buy, we can completely wait for the price to break through the key and return to set up then it will be much safer, anyway, the market always has a lot of opportunities.
Wish everyone a favorable trading day
If my idea is useful, please give me 1 like 1 follow
Any questions or requests to analyze other trading pairs, please leave a comment ^^
- About the basic information: the FOMC meeting last night marked the first time in the history of the Fed that interest rates increased, but gold increased, BTC increased as well as stocks and energy increased strongly after the announcement. The market explained that the news of a 50-point interest rate hike appeared last month and the market has digested it. The prediction of an increase of 75 points was a new expectation before the meeting was rejected by the Fed, so the market had a spectacular reversal phase. Once again, the information is logically made to rationalize the confusing things of the market. And as we can see, the main trend of information is currently supporting the uptrend of gold: from high inflation in oil and raw materials prices or escalating war and now announcing interest rate hikes ahead of time. The barrier has also been broken
- Regarding technical analysis: the thing to note here is that the price line has not completely broken from the key level 1900-1910 to return to an uptrend structure, maybe it will break into the US session but "trade what you see not you" think" what actually did not support the plan to buy gold in this area. In my personal experience, I am still fully qualified to wait for a set up sell if there is a support structure, however, I should only short TP when the price finds the support below. If we want to buy, we can completely wait for the price to break through the key and return to set up then it will be much safer, anyway, the market always has a lot of opportunities.
Wish everyone a favorable trading day
If my idea is useful, please give me 1 like 1 follow
Any questions or requests to analyze other trading pairs, please leave a comment ^^