Gold is at risk of correction from monthly R3

FX:XAUUSD   Gold Spot / U.S. Dollar
129 0 3
"A lot of investors weren't buying the idea that there were going to be four rate hikes in 2016, and this certainly adds weight to that idea...it gave gold             a boost."
- OptionSellers.com (based on Wall Street Journal)

Pair's Outlook
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 SMA slightly more from the upside. Asian session suggests a correction within the rising wedge pattern. This would allow for a selloff down to 1,085 in the medium-term. Initial bearish target for the next 24 hours is 100-day SMA 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.

Traders' Sentiment

With 53%, the bullish SWFX market share slumped to the lowest level in three months.
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