The original plan was for range consolidation before the Fed decision, waiting for Powell's speech guidance, but the European session showed a sharp plunge, indicating policy news leaked early and the market already priced in hawkish expectations. After the evening speech, it's likely the negative catalysts are exhausted and selling the fact will explore a bottom for a rebound; if dovish, a quick rally would occur.
Below, watch the 618 Fibonacci level at 4791, prepare for a 4800 break. The overall bullish trend remains unchanged, currently still in wave 2 pullback, after which wave 3 uptrend will launch.
Gold currently maintains oscillation and consolidation. Above, focus on 4965-4970 resistance; below, watch 4785-4790 support. Trading approach focuses mainly on short positions on rebound resistance, specific real-time strategies will update during market hours.
Gold Trading Strategy: Long on pullback to 4785-4790 zone, stop loss at 4756, target 4958-4970, can hold if broken;
Short on 4965-4970 resistance, stop loss at 5006, target 4800-4810.
Reminder:
The above analysis is Grace's personal analysis for reference only, not any investment advice! $XAU $XAUT
Grace: Plunge Creates Key Support, Gold Strategy Thoughts
The original plan was for range consolidation before the Fed decision, waiting for Powell's speech guidance, but the European session showed a sharp plunge, indicating policy news leaked early and the market already priced in hawkish expectations. After the evening speech, it's likely the negative catalysts are exhausted and selling the fact will explore a bottom for a rebound; if dovish, a quick rally would occur.
Below, watch the 618 Fibonacci level at 4791, prepare for a 4800 break. The overall bullish trend remains unchanged, currently still in wave 2 pullback, after which wave 3 uptrend will launch.
Gold currently maintains oscillation and consolidation. Above, focus on 4965-4970 resistance; below, watch 4785-4790 support. Trading approach focuses mainly on short positions on rebound resistance, specific real-time strategies will update during market hours.
Gold Trading Strategy:
Long on pullback to 4785-4790 zone, stop loss at 4756, target 4958-4970, can hold if broken;
Short on 4965-4970 resistance, stop loss at 5006, target 4800-4810.
Reminder:
The above analysis is Grace's personal analysis for reference only, not any investment advice! $XAU $XAUT