My sell condition was confirmed as Gold closed below the 4H MA50 (1,647.59 on XAUUSD), so I continue selling with 1,620 as my TP.
Needless to say, the price action this week evolves around Wednesday's Fed Rate Decision, with the markets taking a 'sell first, ask questions later approach', since buyers were unable to break above the 4H MA200 (1,664.76) as we discussed last week.
1D is bearish RSI # 41.716
MACD # -9.980
ADX # 32.831
and since we also failed to break above the 1D MA50 and the overall long-term trend remains bearish (as discussed last week), we can even see a Lower Low within 1,605 - 1,600.
The US10Y posted a green candle on Friday and seems to be recovering, while the DXY broke again above its 1D MA50.
This shows that the markets don't seem to expect that the Fed will diverge from their plan just yet.
All prices mentioned on my analysis are on XAUUSD.
Needless to say, the price action this week evolves around Wednesday's Fed Rate Decision, with the markets taking a 'sell first, ask questions later approach', since buyers were unable to break above the 4H MA200 (1,664.76) as we discussed last week.
1D is bearish RSI # 41.716
MACD # -9.980
ADX # 32.831
and since we also failed to break above the 1D MA50 and the overall long-term trend remains bearish (as discussed last week), we can even see a Lower Low within 1,605 - 1,600.
The US10Y posted a green candle on Friday and seems to be recovering, while the DXY broke again above its 1D MA50.
This shows that the markets don't seem to expect that the Fed will diverge from their plan just yet.
All prices mentioned on my analysis are on XAUUSD.