#OPINIONLEADER# #GOLDTODAY# #goldfall# #FOMCMeetings# #XAU/USD#
In my previous article, I discussed that the price of Gold might crash this year as the FED plan to raise interest rates 3-4 times this year. Technical analysis is dancing to the tune already as the market is already pricing in to the news about the rate hike. The Federal Open Market Committee (FOMC) has been holding a meeting since yesterday and the meeting will end today. The outcome will decide when the rate hike will start. Although, rumor has it that the first rate hike will be in March, 2022.
As seen in the daily chart above, price has been creating a lower high since last year. The recent rally to 1850 area is the third lower high, which signals that price is ready for a further crash. The white horizontal S&R lines are area where price has been reacting from while creating the lower highs. Today, the price of Gold crashed from the 1850 area as the US session opens. The recent crash signals a warning to recent buyers that it is time to close their position and get prepared to go short. I have been watchin the price of Gold for days now. I even tried to short at the 1830 area while it was ranging, but I got stopped out at evens. Another short opportunity has presented itself at the moment.
To all of you that will be profiting from this signal, you all are welcome :)
Let me know what you think about Gold in the comment section.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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