Amidst FOMC and BoJ's anticipation, Gold resumes corrective bearish movement to USD1316 but is still forecasted to make a bullish rebound and head to USD1342 resistance in an attempt to complete the end of wave B.

Dear Traders,

Although Gold resumes corrective bearish movement to USD1316, the price is still anticipated to make a bullish rebound and head to USD1342 resistance in an attempt to complete the end of wave B.

Market is currently awaiting for FOMC result, which will be announced the day after tomorrow. Still, there is no predicted significant change as FED is forecasted to hold interest rate steady. In the meantime, September's rate hike probability has recently edged back to 19.5 percent from last Friday's position at 14.7 percent.

BoJ is likely to propose more accommodative measures in their policy announcement this Friday. PM Abe saw his resounding victory in an election for parliament's upper house as a valued chance to continue Abenomics. It seems impossible for him and Kuroda to waste this momentum, so there may be possibilities like rate cut and advanced QQE widening in the immediate future.

 

Technical Analysis

The following H4 chart displays one of the possibilities from Elliot Wave to help you make your trading decision today.

Gold



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