Happy Wednesday traders🔥 anyone fancy a mid-week reversal?📈
It seems very likely that we might have one possibly forming on XAUUSD. If price does follow through, we’ll see price at $1770 in the next couple trading days.
The U.S. central bank is widely expected to deliver a 50-basis point hike at its December meeting, with rates expected to peak in June. If the global economy continues to struggle, it's unlikely the Fed will be able to tighten its monetary policy anywhere near as much as markets think, which should support gold because "eventually yields probably won't have much further to go on the upside"
Gold has found itself driven for much of the year by the Fed and the comments by its officials so traders will be analyzing every word of these minutes to determine the likely trajectory of the Fed's rate pace over the coming months.
It seems very likely that we might have one possibly forming on XAUUSD. If price does follow through, we’ll see price at $1770 in the next couple trading days.
The U.S. central bank is widely expected to deliver a 50-basis point hike at its December meeting, with rates expected to peak in June. If the global economy continues to struggle, it's unlikely the Fed will be able to tighten its monetary policy anywhere near as much as markets think, which should support gold because "eventually yields probably won't have much further to go on the upside"
Gold has found itself driven for much of the year by the Fed and the comments by its officials so traders will be analyzing every word of these minutes to determine the likely trajectory of the Fed's rate pace over the coming months.
Trade active:
$1800 overall target. Should the DXY or US10Y chart start trading lower.