Today is the FOMC where it is expected for the interest rates to increase by 50-75 basis points. This point is factored in, is going to have a major bearish push down on GOLD. We will be analysing the technical aspect of the gold as well on H4.

The structure on Gold is bearish on higher time frames. On h4 it is just ranging today before the FOMX news. We had already shared our trading setup on Gold earlier, which was a short setup. Currently, market is already running on the previous setup and we will continue shorting it at the price point of 1724. The structure is lower low and lower high which induces a bearish trend on gold.

Both the trendlines are in a bearish penant. Marke is pending the breakout sell from the ascending trendline. This trendline after breaking out for sell, will give an additional confirmation for the market to continue moving down.

The market is in confluence with the resistance and golden retracement area of 75-78.6%. This confluence will add an additional factor for the market mark down.

EMA 50 is still super bearish and is above the current price action. Currently, there is no technical factor attached to the short setup. 

The RSI is hovering around the neutralized levels of 50. The current number on RSI is 53. This means, market is still hovering a little above the neutralized levels. Once market breaks down from the 50 level, we will have the confirmation on the sells. The window is open till the over sold region.

FOMC today gold bearish

Jul 27 2022

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