Joined Jan 2016
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Status: Trader
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Gold closed above 3370. We have a change of structure and the end of the down retrace.
Tomorrow, we have the FED and market has ONE Expectation: A hint for a rate cut in June.
No hint, it will send GOLD for a new ATH.
Personally, I don't think the FED will give any hint. Why?
1- FED mandate is: employment and control of prices (inflation). Both recent data were not bad.
2- FED policy is data related. Hence, FED needs more data to cut; hence no hint for June cut.
To this end, I see a zigzag move: a down movement until the FED to retest 3345; then up move with no hint during the conference.
China is meeting US in Swiss, then we have FED, and some wars are escalating. Watch out for very high volatility, guess anywhere between $3350 to new ATH is possible in the near term