Gold takes a corrective bearish turn at USD1322, but is preparing to rebound in all likelihood with the end of wave b at 50 FIBO (USD1342) as the final target. The precious metal changed direction as FOMC and BoJ's meeting loom on the horizon.

Dear Traders,

Gold takes a corrective bearish turn at USD1322, but is preparing to rebound in all likelihood with the end of wave b at 50 FIBO (USD1342) as the final target.

The precious metal changed direction in the end of the previous week and traders are recently getting ready to welcome FOMC, as well as BoJ's meeting this week. On the other hand, ECB decided to make no change in their interest rate and stimulus policy. HSBC warned about Gold's potential to decline as much as USD1300 per ounce, but it has been forecasted that the drop will not be bigger than that. Just a while ago, Gold Futures for August's delivery fell again to USD1310 per ounce in last week's trading session.

 

Technical Analysis

This H4 chart portrays one of the possibilities from Elliot Wave to help you make your trading decision today.

Gold



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