After a massive drop due to FOMC and the rise in DXY gold seems to have found a base at the 618 FIB retracement level as well as previous shoulder support as seen in the chart analysis.
My expectations are for gold to rise to the targeted areas. This is obviously not a quick trade and will take some time however good profit potential can be realised here.
With gold being heavily overbought it is possible to see a decline even further into the 16xx's.
Trade with caution!
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With the weekly close below the 618 FIB as well as below previous market closes at left shoulder it would seem we decline more than this before we swing.
A key area to watch would be the touch of the TL.
This is not financial advice
Trade active
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Looks like we could be seeing some re-distribution taking place for a lower low.