XAUUSD 1D

Came up with very interesting pattern

We are in I -> J move

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Despite price moving down today, trade is still active. Correction was expected.

Upward move stopped at 0.7 fibo, vigorous move through the EMA indicates more upward pressure in the near future.

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UK elections will take place on June 8th while
FOMC meeting will take place on 13-14th June.

Expect price of XAUUSD move down around these dates.

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From my perception interest rates will not go up next month.
That will be another reason for XAUUSD to move down.

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If I'm wrong and FED will increase interest rates next moenth then my analysis based on fractals may be doomed.

"June rate rise odds jump to 94% after Fed meeting"
www.ft.com/content/7...ff-9eb1-9b1680a1f870

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Price reached 1278$/oz!

I will close my longs today!

Next week UK have snap elections, have a good weekend everyone!

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Very interesting chart representing "Gold bull market 1970s vs. 2000s
Some patterns are preserved in both cycles, according to this plot we have ~2 years before gold will reach new peak.

www.zerohedge.com/ne...c-ignorance-buy-gold

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Seems like my plot is not valid anymore!

Please watch FX Empire:
www.youtube.com/watch?v=Sr_N6Fir...

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Seems like it could be false outbreak.

There is still a chance for XAUUSD to move down.

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Someone Just Dumped $4 Billion Of Gold Futures

www.zerohedge.com/ne...head-comey-testimony

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Elliott's waves still in game, false outbreak confirmed.

FOMC meeting takes place next week and may cause XAU to move down even more!

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Can't believe this plot is still active, it's already 1 month as I posted it.

Price action of XAUSUD is completley illogical for me!
I would expect gold to move up since interest rates have been hiked.

Gold follows a pattern, which means there are computers and algorithms trading and making profits.

Let's wait another few weeks and find out is my plot going to be still active.

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Timing may be a bit skewed.
As we are in J -> A it seems line line should be a bit more horizontal.
Except of that my plot is still active.

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Closed my all shorts