Long

GOLD - The range rider

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This idea is simple. It seems that the 2016 high will be the line in the sand.
As I posted a few hours ago in this idea I entered a long position at 1389-1391:

Target : 1440$.

Uwaga

I still have a range, but after the morning drop I see a triangle forming:

Uwaga

We were unable to tag 1383 two times in a row.
So this more and more looks like a triangle.

Uwaga

Following the triangle pattern. This bounce was nasty.
Almost everybody is short.

Uwaga

Powell's testimony is an hour from now.
The bounce was caused by currency movements

Uwaga

XAUEUR is bouncing too. +0,5%

Uwaga

It's just a guess but I think the testimony speech went out , so a few insiders already have read it and they started to buy.
If it is the case he will talk about the rate hikes at 16:00 Budapest time.

Uwaga

*** Rate cut

Uwaga

Very strong...
The dip was bought in the same hour.

Uwaga

FED minutes 2 hrs and 15 minutes from now.

Uwaga

Many' Fed officials said in June they'd be willing to cut interest rates if uncertainty still weighs on outlook, minutes show
Only a few FED officials argued against the rate cut in June - Minutes show.
Asia will buy this.
Path is clear.

Uwaga

Getting close:

Zlecenie zamknięto ręcznie

Close enough.
Waiting for the next setup. Breakout from the triangle, or the lower trendline again.

Uwaga

We might get back into the long position soon, as it looks like a flag now.

Uwaga

Let's see what happens at 1419$.

Uwaga

Beautiful

chartwatchers

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