With the 75 basis point rate hike in yesterday FOMC Statement & the data dependent slow down in December, we got impulsive bearish move after rejecting from 1668-1670.
We have been mentioning 1675-1680 as the key level of rejection in our last gold trade reports.
with this hawkish move from FED we can still see the US dollar getting stronger in higher time frame , leading to gold sell off .
unless we don't have any relative events to bring down the dollar strength like currency intervention by Japan & china , bond buying from UK, we are not expecting any major strenght in gold.
with the FED being more promising on their rate hike plan and bring down inflation we can see high demand in US dollar and it can go up in aggressive manner,
We are still bearish bias in higher as well as lower time frame ,So no point of we buying gold unless its not a scalping trade from key levels,
Trade setup for today.
1.any pullback to 1646-1648 is sell opportunity target 1610-1615
2.Break below 1632 is sell Targeting 1610-1615,
3.Any fundamental event supporting dollar weakness can bring the strength in gold as the short term support 1626-1628 is still playing well.
4. Short term buy above 1655 after a confirmation Targeting -1670-1675.
We have been mentioning 1675-1680 as the key level of rejection in our last gold trade reports.
with this hawkish move from FED we can still see the US dollar getting stronger in higher time frame , leading to gold sell off .
unless we don't have any relative events to bring down the dollar strength like currency intervention by Japan & china , bond buying from UK, we are not expecting any major strenght in gold.
with the FED being more promising on their rate hike plan and bring down inflation we can see high demand in US dollar and it can go up in aggressive manner,
We are still bearish bias in higher as well as lower time frame ,So no point of we buying gold unless its not a scalping trade from key levels,
Trade setup for today.
1.any pullback to 1646-1648 is sell opportunity target 1610-1615
2.Break below 1632 is sell Targeting 1610-1615,
3.Any fundamental event supporting dollar weakness can bring the strength in gold as the short term support 1626-1628 is still playing well.
4. Short term buy above 1655 after a confirmation Targeting -1670-1675.