Analysis:
Gold moved up from 1205 after FOMC minute released then continued to move up further to test 1233 – 1235 yesterday then closing around 1224.
Although the dovish tone in FOMC minute is bearish for USD and a good support for Gold but we think this is just a short term effect and the medium down trend is still intact.
We expect gold will continue to move up to day to test 1241 – 1243 zone.
Forex Trading Signals:
We will watch for signals to short Gold around 1241 – 1243.
Resistant zone:
– 1241 – 1243
– 1233 – 1235
Support zone:
– 1202 – 1205
– 1180 – 1182
ForexSignals247