After treading water in the periods leading up to FOMC, Gold finally advances to USD1339 in a corrective bullish manouver. The precious metal's upsurge was apparently boosted by FED's unchanged rate. Still, Gold rose in a predicted range of ABC correction.

Dear Traders,

After treading water in the periods leading up to FOMC, Gold finally advances to USD1339 in a corrective bullish manouver. But the upward progress may soon be reverted after the price hits u-turn resistance at USD1342, and if it works in tandem with its fundamental catalyst. Following the projected change, Gold is likely to continue and finish wave c, looking to break USD1310 support level.

The precious metal's upsurge was apparently boosted by FED's unchanged rate. Still, Gold rose in a predicted range of ABC correction. After getting the awaited affirmation of no significant change in the most recent FOMC, market speculation now turns its spotlight to US economy; will it be strong enough to sustain rate hike in September or December?

 

Technical Analysis

This H4 chart shows one oof the possibilities from Elliot Wave analysis to help you make your trading decision today.

Gold

 



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