GOLD, hawkish FED members are ‘quilty’ for the latest decline
Starting last week and continued in this one, there was a several FED members who talked about the hike possibility on September 21. and this is why the precious metal is falling for the last four trading days. As I pointed in my previous gold analysis, daily down trend line stoped the bulls and my view was that gold will stay up in a range in between 1238>1252, but the buyers didn’t manage to hold at that support and it’s obvious that they had retreated lower toward 1300. It’s hard to analyse with so much ‘talk’ from FED’s members and their ‘wishes’ and that’s why I’ve poined only the main levels lately in my analysis. The bears have took over again and we will see where they see the price in September? If FED hike the rates, probably somewere at aprox 1280!?
ya even i think now i will not enter any trade until it moves 30-40$ either up or down….
you nailed it again … i made few $$ while it was coming down but got out 1328$ and waiting to re-enter if get a chance……….
Yes, that daily trend line did the job properly, but I didn’t trade gold because I was expecting a tight range until September 21.