Tuesday’s Trading Plan for Gold
Gold has managed to find some support over the last two sessions, after seeing a significant fall over the previous few weeks.This week the
Gold has managed to find some support over the last two sessions, after seeing a significant fall over the previous few weeks.
This week the USD is firmly in focus because of the US Federal Reserve and their interest rate decision. As a result, there is a chance of some volatility here. As a general rule, the USD trades inversely to gold and there is the talk of a rate hike in the US. However, most analysts are predicting that won’t be until the December meeting.
As such, there is the potential for more news on rates to come at this meeting and that would likely cause a rally in the USD. That’s why I think we should still be looking to sell gold.
We just don’t want to sell it too low. The key level that I’m watching is 1290. If we can possibly get a bit more of a retrace I like that a lot to potentially short. However be cautious as we can’t predict what might or might not happen at an FOMC meeting.
Gold – 240 min Chart.
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