Last week we saw Gold continue its move lower, FOMC held rates the same but had a very hawkish tone in their statements calling for more future rate hikes. This pushed gold back under the 1300 level.
This week its possible to see some further downside into an area where price can find some support, around the 1280 zone. The current price momentum should take us a bit lower but right now we have started a small rally in a downtrend so we should wait until price reaches some resistance possibly between 1300-1310.
Longer term, gold is still in an uptrend and increasing geopolitical issues have been weighing on USD so of course be on the lookout to buy gold if the price action suggests a bounce off the major zone or creating Higher highs.
This week its possible to see some further downside into an area where price can find some support, around the 1280 zone. The current price momentum should take us a bit lower but right now we have started a small rally in a downtrend so we should wait until price reaches some resistance possibly between 1300-1310.
Longer term, gold is still in an uptrend and increasing geopolitical issues have been weighing on USD so of course be on the lookout to buy gold if the price action suggests a bounce off the major zone or creating Higher highs.
Comment:
Never made it to the zone. 1290 Support was strong and held, we got a nice push up nonetheless
