On the H4 chart, any further down will be protected by 1766 zone and that was the level from where it bounced off to print 1805.
That said, we should not forget that this is FED week, and any Fed rhetoric will violently change and reverse the course. Therefore, the best strategy should be to wait and watch until Wednesday to explore fresh directions.
Nothing has changed since yesterday, GOLD is still bullish and the next target is likely 1850 and beyond. The Fed presser is very very important to set off a new direction for GOLD and other major currencies.
I would suggest you to avoid placing any bet until Webnes day, the FOMC press conference.
Yesterday GOLD produce a nice spike to 1824 but since then it is marginally down but consolidating. It's likely to take further inputs from FOMC today to determine its direction.
In any case, the path to least resistance from here on is 1850 before it makes any correction.
GOLD is well supported by 20 DMA and also the chart structure is making an ascending triangle, I will discuss that later. But at this moment the lower band is supported by 1780 zone and GOLD trading well above 20 DMA gives credence to the bias of 1850 as the target.
On the H4 chart, any further down will be protected by 1766 zone and that was the level from where it bounced off to print 1805.
That said, we should not forget that this is FED week, and any Fed rhetoric will violently change and reverse the course. Therefore, the best strategy should be to wait and watch until Wednesday to explore fresh directions.
Disclaimer- Not financial advice.
Nothing has changed since yesterday, GOLD is still bullish and the next target is likely 1850 and beyond. The Fed presser is very very important to set off a new direction for GOLD and other major currencies.
I would suggest you to avoid placing any bet until Webnes day, the FOMC press conference.
Not financial advice.
Yesterday GOLD produce a nice spike to 1824 but since then it is marginally down but consolidating. It's likely to take further inputs from FOMC today to determine its direction.
In any case, the path to least resistance from here on is 1850 before it makes any correction.
Not financial advice.
Today GOLD is firmly bearish, it has already hit the S3 support, which is 1776.
The rebound in 10 years US T-bond is apparently weighing on Gold and the next support lies at 1766.
On the daily chart, the next major support is 1740.
Not financial advice.
GOLD target of 1850 is still intact.
GOLD is well supported by 20 DMA and also the chart structure is making an ascending triangle, I will discuss that later. But at this moment the lower band is supported by 1780 zone and GOLD trading well above 20 DMA gives credence to the bias of 1850 as the target.
Not financial advice.