Gold has broken above the daily 20ema for the first time in over a month, and taken out a key role reversal level post FOMC meeting. If the PM can hold above this key level, I'll look for intraday longs there, targeting 1300/08, 1315 and potentially a much larger move towards 1335/50 area (chart below).
SL will be around 1250.
Kind Regards, Chris Capre
Comments
2ndSkiesForex
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So far, the level has held up as planned, so if you are up 1R, then minimally bring stop to BE, or take some profit off the board. Current price action does not suggest reversal at this point, and more likely upside still to be had, so will neutralize all risk, and look for a test of 1307 next.
Ryan_Tyler
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Hello Chris,
Very Clear Chart and easy to understand, Gold is moving to the upside at the moment. Waiting for your more updates
2ndSkiesForex
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Hello Ryan - Glad you liked the chart/analysis. I'll be updating Gold around London close so stay tuned. Kind Regards - Chris Capre