Should I buy GOLD? - this is the question that we mostly get right now.
Here is the answer
Yesterday in our analysis before the FOMC we expected a wick to around 1790 and then a drop. If that was the case we would’ve enter a trade. But even before that on the publishing of the CPI we saw sharp move to the upside without price going back down. That didn’t give us an entry moment but our expectations are still the same.
Look at the 1817 level and remember that. This rally may continue up to that level and that could present some short term buy setups in which we don’t want to participate. From that level is where we expect to see the reversal happening.
We will enter only when we have a clears signal!
We’re now waiting for your comments about the inflation and long term buys etc. The time to go long on GOLD will come but until then we have to be patient! All the best and wish you all a successful trading!