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The 4-hour candle broke out momentarily, but the next candle reversed the trend. Now, let's wait for the 4-hour close. However, I'm looking to re-enter a short position at the 2653 zone after confirmation.
The Federal Funds Rate cut of 25 points led to a sharp decline in gold, with a drop of nearly 530 pips. I hope you managed to catch the move!
Gold is trading sideways. However, if the price breaks above $2665, we can expect short-term buying opportunities. Conversely, if the price breaks below $2607, the possible next targets are $2531 and $2450.
Please note that today's Federal Funds Rate cut will impact gold prices. If the cut is only 25 basis points, it may not be favorable for gold. On the other hand, if the cut is 50 basis points, it could provide a boost for gold prices.
Price is consolidating. Tomorrow is NFP, so let's wait for a breakout below 2607 or above 2707, which may confirm the trend in one direction. Let's see what happens, but for now, I'm focusing on 2677 as a recent supply area.
On the 4-hour gold chart, we can see that following yesterday's announcement of a potential ceasefire between Lebanon and Israel, gold experienced a significant drop, correcting by over 800 pips to $2,605. This sharp decline created a major liquidity gap, which I expect to be filled as prices recover soon.
Furthermore, today's release of the critical CB Consumer Confidence data could significantly impact the market, triggering high volatility. Please exercise caution with your trades and manage your risk effectively.
There's no seller reaction for us to enter at the daily and H4 breakout areas. It's possible the price will break out after making a retracement.
I'll monitor first for an instant entry; if there's none, I'll look for other opportunities. The waiting game is real. I'll update you all if anything changes, okay.🚩
Hopefully on working resistance H1 and M30. Target 40pips above 💪🏼
Sell first before find buy area
