Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

Markets are now tense ahead of tonight’s testimonial by Fed Chair Powell before the House Financial Services Committee.

Despite the textbook reactions expected from Chairman Powell’s interest rate bias (or lack of), markets can really go anywhere and the financial press talking heads will find all sorts of reasons to justify why they were right (or explain why they were wrong or sorta right).

The following are S/R levels for four popular pairs, followed by my comment on the gold.

I’m not counting on any significant breaches of existing ranges. While the testimonial does matter insofar as it gives the current view, that’s ALL it is: a current view.

A current snapshot in time.

In the background, look out for the stories developing following the arrest of a billionaire for paedophilia AND with ties to the President.

A President prone to generating lots and lots of smokescreen.

My D1 chart on gold is as follows for context:

A double top forming with a slightly lower 2nd peak.

A pretty pattern showing up on the H4 chart:

But on the H1, that second bottom (in the last blue box) is looking a lil exhausted. The support around 1390 looks firm.

Time to go long again for the upswing back in to range?

Let’s take look at the M15.

Spot is resting on the bottom of that pink box. I’m not inclined to go long or short at that level.

I’d short on any pullback to 1394 with a tight stop, or go long on any bounce off 1386.

I have no bias either way.