Gold price could be on the verge of a significant correction, Fed meeting will be decisive – by fx_ross Gold Technical Analysis Commodities DollarIndex ECB
ECB lifts the lid on rates, gold price ralliestook the well-telegraphed plunge and raised rates. Seeking to tame inflation, the ECB had for weeks flagged a 25 basis point hike, until earlier this week, when sources told Reuters the central bank was weighing a bigger move.
''Today, the behemoth position held by the average prop-trader is near twice its typical size, suggesting a substantial amount of pain is reverberating across gold markets as prices revert lower amid the most hawkish Fed regime in decades. Given this massive speculative length was established in 2020, and does not appear to be associated with a
A 50% mean reversion guards the golden 61.8% ratio on a break of the psychological $1,800. On the other hand, a break of the said picot lows of $1,677 could play out first of all which could likely;y cause a flurry of volatility considering the number of orders that are sitting below.
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