As expected FOMC had no major impact on the market but was enough to create a new bullish wave on Gold. Here, the buy signal was created earlier, when the price broke the upper line of the wedge formation. Before the FOMC, we were inside of the bullish flag formation with higher chances for an upswing. That is exactly what happened. The closest resistance now is the area around the 1302 USD/oz, where we do have two important Fibonacci retracements.
Next one is Bitcoin, where we do have new all time highs. So the party goes on here. The recent price movements were not 'the typical bubble' chart. As long as we stay above the horizontal support on 4900 USD and the up trendline (green), the sentiment is positive.
Comments about reaching the deadlock in the Brexit negotiations caused a drop on the GBP. GBPAUD is about to create a nice head and shoulders pattern with the potential target of 450 pips. All we need here for the trading signal is the breakout of the horizontal neckline.
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Gold and Bitcoin fly away. GBP is hurt.
Published 10/12/2017, 07:34 AM
Gold and Bitcoin fly away. GBP is hurt.
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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