We've seen some more choppy price action as anticipated on Gold . We've advised our traders and group members to sit this one out, we would rather the noise be over with and we'll get in when its settled. We would advice new traders to do the same!
This is our view of what COULD happen. Its only an idea based on our analysis so please also do your own research.
We have 2 scenarios:
We have 2 Excalibur targets around the 1795 mark which we are treating with caution. If the price drops from here we'd be looking for this to find support around the 1760-65 level where, if it supports could represent an opportunity to take the long targeting the 1795+ level.
This is the one we're more interested in. If the price goes up from here it could break the 1795 level and target the higher price point of 1810-15. That price point could represent a good opportunity to short the market for the lower levels of 1765-60
Either way, its a messy one from Gold this FOMC.
As always, trade safe.