Now Fed is data dependent means Gold
is also data dependent. Dovish ( or noncommittal !! ) Fed has brought some life back into the Gold
. It was obvious that 'clarity' on rate rise would have sent gold
tumbling towards 1100 or even lower and any timidity on Fed's part would make gold
running towards 1200. From data perspective, we know or at least based on past we can say that it is neither going to be great nor worst. That translates into another range for Gold
. We will short any rally towards 1200/1205 and buy back any dips near 1160/1165.