GOLD : Yellow metal will move in current range for some time

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Traders around the world were expecting major draw down in gold yesterday from FOMC words but the news we got yesterday from the FOMC was the same as other Central banks they are all on hold for now. Nothing suggests any need for an immediate change in central bank policy. Accordingly, we are likely to remain in current ranges for some time.

Gold remains below the blue downward sloping resistance line. Also, downward slope seen in the RSI and we have noticed MACD zero crossover, I would expect the Yellow metal to move lower and challenge the support level of 1280 (S1), where a break may trigger extensions towards the next one at 1268 (S2).

Support: 1280 (S1), 1268 (S2), 1250 (S3).


Resistance: 1305 (R1), 1330 (R2), 1342 (R3)

4H Chart
















However, we can identify positive divergence between the daily MACD and the price action, indicating decelerating bearish momentum, and this could probably keep any further downtrend.

Daily Chart















Fx Money Multiplier
Imran Ahmed

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