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Gold has broken major resistance $1113 and jumped till $1122. It is currently trading around $1120.
- Market awaits for Fed monetary policy today for further bullishness. Fed announced their first rate hike in Dec and hinted there will be more hike in medium term due to better jobs data which showed continued strength in the economy. Gold showed a slight weakness after rate hike. But it failed to break to new lows.
- Fed rate hike is unlikely to happen in the near term as financial market mayhem will prevent Fed from further hike.
- So dovish Fed will make the gold to trade higher, a jump till $1150/$1200 is possible.
- Gold has closed well above 55 day EMA for the past five days. It is currently trading around $1120.
- Short term trend is bullish as long as support $1090 holds. Any break below $1090 will drag the commodity down till $1080/$ minor support is around $1107.
- Overall bullish invalidation only below $1045.
It is good to buy at dips around $1110-1115 with SL around $1090 for the TP of $1150/$1200.
