GOLD 4 hr -
Just a snap view - IT shows interesting pattern on the GOLD - where it has decent run on the lower side if plunges under support namely 1194-95. The fall can extend to mid to lower 117X. Alternatively a bounce off the listed zone can provoke rallies close to 1220 handle.
It pretty much comes down to all the hoopla created by the upcoming FOMC and the comments from Yellen will matter the most. A dovish stance and we will see willing sellers of the USD and the hawkish/upbeat comments will have a HOUSTON - WE have a lift off effect..
Whatever it may be - the breaks are there to shed lights on what to expect and the listed target of those rallies regardless of the side they starting gunning to..
I have also attached a daily chart that suggests alternate levels on the pair. Namely it calls main support down to 1188-89 and not been 1194-95. IT also calls for upside to be limited to 1202-04 as compare to 1217-18 on the 4 hrs or close to 1220 handle.
It also suggests that the drop if happening under 1188-89 has room to hit mid 116X.
This though creates a bit of a confusion - still suggests overall that for the GOLD to fall on the FOMC it needs to be under 1187-88 to be comfortable with the shorts and or a drop under 1194 can still muster strength to head back up if not been able to take out the 1188 support. Similarly the upside if happening needs to take out 1203-04 to start pointing towards 1217-18 north bound targets.
In short though 4 hrs chart looks appropriate - the levels ( extended on the daily ) can be use to add or profit on trades and well if nothing they provide just more confirmation on the move you are probably sitting upon..
Trade Safe ....
Tahir Khan, or better known online as Stryker has been dealing in the global markets for 15 years. He as developed extensive knowledge in FX / Indices / Commodities and Futures. He is one of the most active members on some of the best Forex forums in the world.
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