Reviewing:
After last week’s rally peaked at 81,500 and was swept clean, Waller delivered a slightly hawkish update right after. Over these past two days, the market has pulled back due to rising expectations for a September rate hike. However, BTC has been resilient, and gold’s adjustment has been decisive and smooth—and it has also reached the pullback target I expected.
Main takeaways:
1. A pullback driven by rate-hike bearishness is a good thing. As long as the statement/decision remains unchanged, it’s a positive (I don’t think Waller will hike).
2. BTC’s correction hasn’t ended yet. It is currently in a range-bound adjustment. After the pullback ends, I’ll look for another wave of upside.
3. The first phase of gold’s pullback has ended. I took profit on all short positions above 4,600. Next, I’ll look for a rebound.
There are many pieces of data directly relevant this month, so it’s recommended to anticipate them and be ready to respond at any time.
[Only my personal trading views, not investment advice]
$XAU $BTC
After last week’s rally peaked at 81,500 and was swept clean, Waller delivered a slightly hawkish update right after. Over these past two days, the market has pulled back due to rising expectations for a September rate hike. However, BTC has been resilient, and gold’s adjustment has been decisive and smooth—and it has also reached the pullback target I expected.
Main takeaways:
1. A pullback driven by rate-hike bearishness is a good thing. As long as the statement/decision remains unchanged, it’s a positive (I don’t think Waller will hike).
2. BTC’s correction hasn’t ended yet. It is currently in a range-bound adjustment. After the pullback ends, I’ll look for another wave of upside.
3. The first phase of gold’s pullback has ended. I took profit on all short positions above 4,600. Next, I’ll look for a rebound.
There are many pieces of data directly relevant this month, so it’s recommended to anticipate them and be ready to respond at any time.
[Only my personal trading views, not investment advice]
$XAU $BTC
