In my market commentary from yesterday on gold, I suggested gold will likely pullback into the $1705 dynamic support, along with a follow up suggestion to look for longs off this level.
This played out to perfection and price is now just above $1711.30, so hopefully you were able to make some profit on this one.
For now, the precious metal is stuck between the $1705 and $1715 levels until tomorrow, where the FOMC meeting should inject some volatility into the markets, especially Gold. I am expecting a break of these levels, so bears can look for shorts on a breakout retest of the $1705 support area, while bulls who are not already long can look for a price action setup above the pin bar highs from yesterday.
Upcoming Economic Announcements:
|EUR German Consumer Price Index - EU Harmonised (YoY)||02.00EST|
|GBP Jobless Claims Change||04.30EST|
|CHF ZEW Survey (Expectations)||05.00EST|
|USD Federal Open Market Committee Rate Decision||12.30EST|
|USD Fed's Bernanke Holds Press Conference||14.15EST|
|NZD Business NZ Performance of Manufacturing Index||16.30EST|