TheOnlyVince
Long

Long Gold post FOMC decision

FX:XAUUSD   Gold / U.S. Dollar
Gold             is currently anticipating the end of the QE for today.

The price is declining firmly and heading to the the middle median line of the modified Schiff pitchfork where a horizontal support lies too. This area looks interesting for contrarian traders with a bullish bias on the precious metal.

The bounce area will be found around 1205$, in case of confirmation of this scenario I expect the price to bounce back to the upper median line of the pitchfork that is to say 1230$.

I'll post an update in case the price follows the current market scenario.
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