Gold trades flat, market awaits Fed policy for further direction
Gold recovered almost $14 from the yesterday low of $1150 level. The yellow metal shown a slight recovery on account of slight profit booking in S&P 5t00. They both move in opposite direction.It is currently trading arou…
Gold recovered almost $14 from the yesterday low of $1150 level. The yellow metal shown a slight recovery on account of slight profit booking in S&P 5t00. They both move in opposite direction.It is currently trading around $1161.57.
Markets await Fed monetary policy meeting which is to be held on Wed 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 (100- H MA) and any break above will take the pair till $1180 (61.8% retracement of $1197 and $1150)/$1193 (21- day MA)/$1200. Any close above $1200 will take the yellow metal till $1217 (34- day EMA).
On the lower side any close below $1160 will take the bullion further down till $1142/$1130.The minor support is around $1170.
It is good to sell on rallies around $1165-68 with SL around $1177 for the TP of $1150/$1142.
