GOLD LONG
After Wednesday’s announcement of stimulus tapers and expected rate hikes by the Fed sent Treasury yields tumbling on Thursday as investors shed fears of excessive hawkish action by the central bank, also the rate hike given by The Bank of Englad took by surprise Gold investors. giving this breakout from this long consolidating area (Yellow) towards the psicological level of 1800$, after finding this resistance the price is now consolidating right under it, creating a double top on th 1H timeframe.
Right now i would expect a retracement towards the 1789$-1786$ (23% FIB) althought i would incline for a longer retracement towards 1777$-1775$ area where there´s an imbalance in the 15M timeframe and also alings with the 50% FIB level.
If the bulls are able to break this level the first resistance we find it around 1808$-1810$ level.
Right now i would expect a retracement towards the 1789$-1786$ (23% FIB) althought i would incline for a longer retracement towards 1777$-1775$ area where there´s an imbalance in the 15M timeframe and also alings with the 50% FIB level.
If the bulls are able to break this level the first resistance we find it around 1808$-1810$ level.
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