Long Gold. Pattern recognition. Interest rates, etc

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The following chart presents an opportunity to go long on gold and miners if wanted. The pattern has already presented in several occasions, highlighted in green boxes.. I believe the rate hike has been priced in. We can observe such pattern in the following chart before a significant move up Observe how I detected the bottom the last time, breaking out of the down trend.

Targets of course are marked by Fibonacci retractments. Of course, this is not for scalping.

Support is set at 1196 where the 200 moving average is located in this 8 hour chart.

Also, the Bollinger bands have widened, allowing gold to continue higher. Bullish cross of the macd is also present.

This image shows how the yield in the 10 year note behaves before the rate hike (date of the 2016 hike marked in red). The yield moves down and when the hike occurs it goes higher temporarily. As we know, short term rates are set by the Fed, long term rates by the market. I believe yields will continue to move lower after the hike or perhaps before if the pattern holds.


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