A- Before the rate decision given gold will probably hit around the level by point A on chart.
B- We can see a delay on rate change or a little increase by Fed with a comment explaining further increases will be at really really slow pace and not continuous
C- We can see a direct rate change by FED, that only means we will see the gold at its near term lowest at...
1- DXY consist of eur mostly which has no reason to go up at all. ECB policy, bad economy etc..
2- Even with the bad data US has the best economy compared to others
3- Fed can only delay the interest rate cannot cancel it. they would need a space for the next hit and flexibility also
4- Only strong economy in DXY is UK relatively and they even can release bad data...
Feds rate increase can give gold pace towards more downward movement but I think they will keep the rates a little bit more around those numbers..High rates are enemy of gold..I am still expecting a littie more downward movement, will decide how much after oint D reached.. Waiting for downward move to be complete to get long with other bulls..
Try has been sold hard for rumours about interest rate issues. It might be time for a reaction... USD is the more majorly taken currency but think EU would make a stronger downward move here... This should be the level to try this pait once more after realizing profits last time by EU zone monetary easing announcement..