themarketzone

Gold with potential weekly False Break - FOMC coverage

FX:XAUUSD   Gold / U.S. Dollar
Gold             created a weekly False Break last week when it climbed above the trading channel's top and declined back below it as the Dollar gained strength. The false break along with the close below the Fast SMA line are two bearish signals (very premature signals) that may indicate that Gold             is due for a pullback.

1350-1360$ is a potential minor Sell Zone to monitor towards FOMC - Weakness of Gold             inside this Sell Zone can allow bearish entry for those who seek for bearish continuation trades towards 1300 and 1280

Stop loss should be pretty tight as if $XAUUSD will rally above the Fast MA line (and close above it) it will violate this potential bearish setup

Read my special Pre-FOMC analysis to find more info about this setup and more http://goo.gl/Uo3wim

Comment: Gold reached the sell zone - Now will it hold?
Comment: Testing the top of the Sell Zone with Dollar's weakness
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