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Gold Trades Bearish Over Hawkish FOMC – Quick Update On Signal!

The FOMC meeting minutes remained hawkish and lifted the demand for the dollar while fading the safe haven appeal for GOLD. Therefore, we have seen some selling in the precious metal gold. It’s trading below $1,227 and the violation of $1,221 can cause further selling until $1,218 today.

The RSI is trading below 50, which is a strong indication of the bearish bias of traders. Most importantly, gold is stuck in the asymmetric triangle pattern which is supporting it near $1,221 along with a resistance at $1,227.

The bullish breakout at $1,227 can lead it towards $1,232 and $1,238. Whereas, the market can stay bearish below $1,227 till $1,221 and $1,218.

Support Resistance
1223.08 1224.17
1222.45 1224.63
1221.36 1225.72
Key Trading Level: 1223.54

Gold – XAU/USD – Trading Idea
The idea is to stay bearish below $1,227 with a stop above $1,231 and a take profit of $1,221. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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