- OptionSellers.com (based on Wall Street Journal)
Gold booked another trading session of gains on Wednesday, after the Fed statement indicated lower probability of a rate hike in March. XAU/USD reached last monthly resistance (monthly R3) at 1,127. However, it failed to touch 200-day slightly more from the upside. Asian session suggests a correction within the pattern. This would allow for a selloff down to 1,085 in the medium-term. Initial target for the next 24 hours is 100-day at 1,104, which is guarded by weekly R1 and monthly R2 at 1,110/07. Nonetheless, daily technical indicators are calm and maintain mixed outlook.
With 53%, the SWFX market share slumped to the lowest level in three months.