Yesterday, after the release of our live market update entitled, Gold Hovering At Crucial Level- A Long Term Trade Idea, the yellow metal soared to test the $1260. It managed to place a fresh high at $1261.15. Was that a buying signal?
This would have been a buy signal, only if the market closed above $1260. We can see in the 4-hour chart, the pair violated the major resistance level of $1260 but failed to close above it. Consequently, the seller's jumped in to take benefit of overbought bullion.
What's Does This Mean For Us?
The rejection at $1260 indicates a clear sentiment on the part of investors. It seems like they are not ready to enter a new trend without any major fundamental reason. So, do we have any fundamental on the table?
Thankfully we do. Today the U.S FOMC meeting minutes are scheduled and the NFP Employment Change is scheduled for Friday. In addition to this, the U.S President Donald Trump is likely to see the Chinese counterpart Mr. Xi, on 6 April. A lot of heat is expected at this meeting. Consequently, the Gold is supported above $1252 today.
If you are wondering what this meeting is about and how this is going to impact the market, then you need to wait a bit for my next update.
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