Gold's next move hinges solely on the outcome of the FOMC decision, either it opens "big" or "small".
Quite a number of punters have already cast their die, that is, betting on moves higher, and the reason gold broke away from its wurthering lowness and climbed to a loftier perch.
In both the dailies and weeklies, most of the indicators have turned mildly positive but the very low momentum/volatility indicators might lessen the chances of more upside or downside until those build up to a forceful level.
Otherwise, moves towards either direction will be futile - like a dry run, that doesn't culminate into the actual event/meaningful.
With that thought, I might just do a counter-trend trade especially if it pokes nearer to 1220 but will be quick to cut in case it went wrong.
Interim supports are at 1200, 1190 & 1185.50 with minor supports at 1208.80, 1204.70 & 1200.10.
Interim resistances at 1217, 1226.60 & 1228.80 with minors at 1218.50, 1221.70 & 1238.
The daily/weekly trend changers points at 1175.50/1216.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
Quite a number of punters have already cast their die, that is, betting on moves higher, and the reason gold broke away from its wurthering lowness and climbed to a loftier perch.
In both the dailies and weeklies, most of the indicators have turned mildly positive but the very low momentum/volatility indicators might lessen the chances of more upside or downside until those build up to a forceful level.
Otherwise, moves towards either direction will be futile - like a dry run, that doesn't culminate into the actual event/meaningful.
With that thought, I might just do a counter-trend trade especially if it pokes nearer to 1220 but will be quick to cut in case it went wrong.
Interim supports are at 1200, 1190 & 1185.50 with minor supports at 1208.80, 1204.70 & 1200.10.
Interim resistances at 1217, 1226.60 & 1228.80 with minors at 1218.50, 1221.70 & 1238.
The daily/weekly trend changers points at 1175.50/1216.
https://play.google.com/store/apps/details?id=com.gold.trading.chat
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