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Gold bulls find support ahead of $1220

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold             prices corrected lower since yesterday but support came in close to $1221/22 levels as seen on the 4H chart presented here. Please note that price action keeps the structure intact, and the yellow metal remains well poised to push higher towards $1250/52 levels at least, if not any further. The 4H wave structure remains intact and unchanged as discussed earlier; with potential Wave C underway (into its last leg). The medium term outlook for Gold             remains bullish until prices stay above $1212 levels. A safe trading strategy could be to hold long positions taken earlier, and/or add/take fresh longs now with risk below $1212 and potential target towards $1250 levels.


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Post FOMC it is looking bearish both technically (4H Channel Down) and fundamentally. The USD is well supported also. We are expecting 1213 in the next 2 sessions:

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