FxWirePro
Long

Dovish Fed to push Gold prices further higher

FX:XAUUSD   Gold Spot / U.S. Dollar
286 1 5
Gold             has broken major resistance $1113 and jumped till $1122. It is currently trading around $1120.

Market awaits for Fed monetary policy today for further bullishness. Fed announced their first rate hike in Dec and hinted there will be more hike in medium term due to better jobs data which showed continued strength in the economy. Gold             showed a slight weakness after rate hike. But it failed to break to new lows.

Fed rate hike is unlikely to happen in the near term as financial market mayhem will prevent Fed from further hike.

So dovish Fed will make the gold             to trade higher, a jump till $1150/$1200 is possible.

Gold             has closed well above 55 day EMA for the past five days. It is currently trading around $1120.

Short term trend is bullish as long as support $1090 holds. Any break below $1090 will drag the commodity down till $1080/$1070.The minor support is around $1107.

Overall bullish invalidation only below $1045.

It is good to buy at dips around $1110-1115 with SL around $1090 for the TP of $1150/$1200.
Good Fundamental outlooks..combine with technical , however many bull traders aim for 1130, but this trader looking at 1150 - 1200 profit taking
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out