Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
EUR/USD: Dovish Policy Expected
2021-07-28 • Updated
What will happen?
FOMC statement will be announced at 21:00 MT (GMT+3) on Wednesday, July 27. In the previous article, we have already mentioned the importance of this event.
Let's look at the charts and decide what will be the best option to choose.
On the daily chart EUR/USD has formed a “falling wedge”. Moreover, the price broke through the top line of the figure and tested it from the above. Last weekend Bitcoin also broke its rising wedge and gained 15% after shortly. This setup gives us confidence in long trade with the target of $1.193.
Bitcoin daily chart
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On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.