we are seeing a harmonic pattern here and RSI on 4H is overbought and also divergent on lower time frames .we are waiting for this pull back before going upward continuation toward 1840$.
please see big picture as below
please see big picture as below
Note
Gold prices have been soaring as Fed officials have been indicating that the pace of rate hikes could slow down soon, and markets are now expecting the central bank to implement a 50 basis point rate hike at its December meeting.However, Friday’s strong NFP report seems to have rattled investors a little by creating uncertainty ahead of the Dec. 13 release of the U.S. Consumer Price Index (CPI) report.
It will be hard to build a case for a 50 basis point rate hike if both the jobs report and consumer inflation reports exceed expectations. This would be a huge blow to gold bulls and could trigger a steep break.
That being said, from now until the Fed meets on Dec. 13-14, we’re expecting heightened volatility in gold. It may be just a lot of noise, but traders should pay attention to the price action.
Uncertainty ahead of the CPI report could lead investors to take profits, triggering a nice correction. That could create a buying opportunity. The choice at this time is to chase prices higher or play for a pullback into a value zone.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.