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FX Price Action – Gold 20ema Carry – Upside Breakout? Apr. 30th
After two knocks on the key $1484 resistance, the precious metal has been climbing steadily, forming a 20ema carry on the 4hr chart. The bulls are slowly attempting to take out the critical resistance above, and their case is building. I’m expecting a terminus of this pattern in the next 24hrs. Bulls can wait for a breakout pullback setup above $1484, while bears can look to sell around this level with tight stops above, targeting $1464 and $1448. A clearing of the air above targets $1500, so plays on both sides here, but the FOMC meeting tomorrow could provide the extra juice to start the next move.
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