FxWirePro:Gold trades lower ahead of Fed rate hike hopes, good to sell on rallies
Gold recovered slightly by $5 from the yesterday low of $1154.30 level. The yellow metal facing strong support at $1150 and slight buying happening at lower levels. It is currently trading around $1159. Markets await Fed…
Gold recovered slightly by $5 from the yesterday low of $1154.30 level. The yellow metal facing strong support at $1150 and slight buying happening at lower levels. It is currently trading around $1159.
Markets await Fed monetary policy meeting which is to be held today for further direction. Markets already factored in the Dec rate hike and remains uncertain on the tone of Fed chairman.
Technically Gold is facing resistance at $1170 (55- 4H EMA) and any break above will take the pair till $1177.26 (Cloud top). The yellow metal should close above Cloud for further jump till $1188 (Dec 4th 2016 low)/$1197. Any close above $1200 will take the yellow metal till $1217 (34- day EMA).
On the lower side any close below $1150 will take the bullion further down till $1142/$1130.
It is good to sell on rallies around $1165-68 with SL around $1178 for the TP of $1150/$1142.
