Gold edged lower almost $18 yesterday on Friday on account of Fed meeting to be held this week. The yellow metal hits low of $1264 and it is currently trading around $1267. Fed is expected to raise its federal funds targ…
Gold edged lower almost $18 yesterday on Friday on account of Fed meeting to be held this week. The yellow metal hits low of $1264 and it is currently trading around $1267.
Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% the fourth increase since financial crisis. The US unemployment rate fell to a 16- year low of 4.3% in May and analysts expect the Fed to nudge down unemployment rate on Wednesday.
In the 4 hours chart , gold’s near term support is around $1266 (21 EMA) and break below will drag the commodity down till $1249 (89 day EMA)/$1241 (200- MA).
On the higher side, minor resistance is around $1274 (- 4H EMA) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1270 with SL around $1277 for the TP of $1256.
